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, or 70.73 billion pounds.
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."