AstraZeneca rejects $119-billion offer from Pfizer

The board of directors of British drug maker AstraZeneca says it rejects the raised $119 billion takeover offer from U.S. drugmaker Pfizer.

In a statement released Monday, AstraZeneca’s board said it “reiterates its confidence in AstraZeneca’s ability to deliver on its prospects as an independent, science led business.”

Pfizer Inc., the world’s second biggest drugmaker by revenue, has been courting No. 8 AstraZeneca PLC since January, saying their businesses are complementary and would be stronger together. It said Sunday it was ready to raise its stock-and-cash offer by 15 percent to $118.8 billion.

AstraZeneca’s board said it believes Pfizer is making “an opportunistic attempt to acquire a transformed AstraZeneca, without reflecting the value of its exciting pipeline.”