AstraZeneca shares down after Pfizer walks away

A woman walks outside AstraZeneca headquarters in Macclesfield, northwest England. Analysts say now that the Pfizer bid has gone, AstraZeneca would need to deliver on its aggressive 2023 targets. - AFP

LONDON: Shares in AstraZeneca fell 2.3% after US drugmaker Pfizer said it would not make a formal bid to acquire its smaller British rival.

Pfizer’s decision – announced on Monday during a public holiday – had been widely expected after a rejection by AstraZeneca’s board of its final offer of £55 a share.