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Pfizer raises offer for AstraZeneca to 55 pounds a share


    LONDON (Reuters) - U.S. drugmaker Pfizer said on Sunday it had raised its offer for British rival AstraZeneca to 55 pounds a share and increased the cash element to 45 percent.

    ASTRAZENECA (AZN.LO)rejected an earlier of cash-and-stock approach worth 50 pounds a share on May 2, arguing it substantially undervalued the company.

    (Reporting by Ben Hirschler; Editing by Robin Pomeroy)