NEW YORK, - Pfizer says it does not intend to make a takeover offer for British drugmaker AstraZeneca.
The announcement Monday comes a week after AstraZenecaâ€™s board rejected a proposed $119-billion buyout offer from Pfizer, the worldâ€™s second-biggest drugmaker by revenue.
Pfizer Chairman and CEO Ian Read says the companyâ€™s final proposal represented full value for AstraZeneca.
Pfizer, the maker of Lipitor and Viagra, has been courting No. 8 AstraZeneca since January, saying their businesses would be stronger together.
Pfizer had been waiting for AstraZeneca to engage in merger talks by a Monday deadline.
Pfizer has previously said it would not make a hostile takeover bid directly to AstraZenecaâ€™s stockholders.