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AstraZeneca shares fall as Pfizer walks away


    LONDON (Reuters) - Shares in AstraZeneca fell 2.4 percent in early trade on Tuesday after U.S. drugmaker Pfizer said it would not make a formal bid to acquire its smaller British rival.

    Societe Generale analyst Stephen McGarry downgraded the stock to "sell" from "hold" on the news, setting a price target of 36 pounds a share.

    (Reporting by Ben Hirschler; editing by Kate Holton)