Pfizer to acquire AstraZeneca's antibiotics business

Pfizer agreed to buy AstraZeneca's small-molecule antibiotics business in a deal that could be valued at more than $1.5 billion.

AstraZeneca, which rejected a $120 billion takeover attempt by Pfizer in 2014, plans to focus on developing new medicines in its main areas of cancer, and respiratory and cardiovascular diseases.

The news comes after an announcement Monday that Pfizer would buy cancer drug firm Medivation for $14 billion in cash.

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