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Pfizer says it does not intend to make a takeover offer for British drugmaker AstraZeneca. The announcement Monday comes a week after AstraZeneca’s board rejected a proposed $119 billion buyout offer from Pfizer, the world’s second-biggest drugmaker by revenue. Pfizer Chairman and CEO Ian Read says the company’s final proposal represented full value for AstraZeneca, saying their businesses would be stronger together.

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