Pfizer reveals AstraZeneca bid

US drugs giant Pfizer today publicly disclosed details of a multi-billion pound bid approach for UK rival AstraZeneca.

The American firm revealed it had been rebuffed by Astra after initial talks in January valuing the company at £58.7 billion, and added that further overtures this weekend were also rejected.

But it confirmed its “continuing interest” in its target, saying it offered shareholders a significant premium to the share price.

Pfizer said it was “confident a combination is capable of being consummated”.

Speculation about the deal last week sparked a surge in pharmaceutical sector shares.