AstraZeneca rejects new Pfizer bid

%VIRTUAL-SkimlinksPromo%AstraZeneca spurned a new £63 billion takeover offer from US rival Pfizer today, saying it "substantially" undervalued the business.

The UK firm rejected the latest advance from the Viagra maker hours after Pfizer stepped up its pursuit by making the increased offer and giving a direct pledge to the Prime Minister on the future of British jobs and research.