June 11, 2014 / 5:25 PM / 5 years ago

Pfizer says Astra quest failed due to price

The Pfizer logo is seen at their world headquarters in New York April 28, 2014. REUTERS/Andrew Kelly

(Reuters) - Pfizer Inc’s chief financial officer on Wednesday said his company failed in its attempted $118 billion takeover of AstraZeneca Plc because they could not agree on the value of the British drugmaker.

Pfizer CFO Frank D’Amelio, speaking to the Goldman Sachs annual healthcare conference outside Los Angeles, said the deal was not consummated because of the price.

“The CFO said price was the barrier,” which made some people think a deal can still be worked out, said ISI Group analyst Mark Schoenebaum.

AstraZeneca shares closed up 1.2 percent in London, while Pfizer shares were little changed on the New York Stock Exchange.

After being rebuffed three times by AstraZeneca, including the final offer, Pfizer on May 26 officially abandoned its six-month quest to buy its smaller rival. The deal would have restored New York-based Pfizer to the status of world’s biggest pharmaceutical company.

Under British takeover law, AstraZeneca could reach out to Pfizer in August or Pfizer could make renewed overtures in November, whether it is invited back or not.

Reporting by Ransdell Pierson; Editing by Jonathan Oatis

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