Pfizer withdraws AstraZeneca bid

%VIRTUAL-SkimlinksPromo%US drugs giant Pfizer today officially withdrew from its attempt to take over AstraZeneca after the UK-based group repeatedly spurned its advances.

Pfizer said in a statement: "On 18 May 2014, Pfizer announced that it had made a final proposal to AstraZeneca to make an offer to combine the two companies. Following the AstraZeneca board's rejection of the proposal, Pfizer announces that it does not intend to make an offer for AstraZeneca."