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New York-based drug maker Pfizer has sweetened its bid for British rival AstraZeneca to about $106 billion, the company said in a statement Friday.
The new offer, which comes in the wake of an earlier bid rejection by Britain's second-largest pharmaceutical firm, values AstraZeneca at 50 pounds a share, or about $84.47.
The offer made by Pfizer in January valued the company at just under $100 billion.
'Pfizer hopes that the increased proposal will provide the basis for AstraZeneca to engage with Pfizer and enter into discussions relating to a possible combination of the two companies,' the company said in a statement.
AstraZeneca said its board will review the offer, but gave no further comment.
If the deal goes through it would be one of the largest ever foreign takeovers of a British firm.
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