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Pfizer quit its months-long pursuit of rival AstraZeneca Monday, officially declaring it does not intend to make a new offer after the British drugmaker’s rejection of its $119 billion bid last week. Pfizer had described its latest offer as final and said it would not pursue a hostile deal if AstraZeneca declined to open formal negotiations. After it was rebuffed, Pfizer went public with a $100 billion cash-and-stock offer for the company in late April.

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