Pfizer ditches pursuit of AstraZeneca

American drug maker Pfizer announced Monday it has given up on its attempt to take over the British pharmaceutical company AstraZeneca.

Had the nearly $120 billion bid gone through, it would have been one of the largest drug takeovers in history, according to CNNMoney.

However, AstraZeneca's board had said Pfizer's offers were not sufficient. It rejected bids four times during the past few weeks.

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