The US drug company said on Friday that an "increased proposal" had been sent to AstraZenaca. Pfizer added in a statement that the company was waiting for a response from AstraZeneca's chairman, who was consulting with the board.
The combination of the two companies would give shareholders 1.845 shares in the combined entity for each of their AstraZeneca shares and 1.598 pence in cash. This marks an indicative value of £50.00 ($84.47) per AstraZeneca share, Pfizer added.
"We have seen significant positive market reaction to the announcement we made on April 28th, including from the shareholders of both our companies," said Pfizer Chairman Ian Read.
He added that positive feedback suggested that there was a "highly compelling strategic, business and financial rationale" for joining the two companies, adding that shareholders and stakeholders would both benefit from the takeover.
More to follow