Drugs giant AstraZeneca is to boost its portfolio with the acquisition of a branded respiratory drug business for up to US $700m (€613m).

AstraZeneca, which saw off a €95bn bid from Pfizer in May, said quarterly results showed its stand-alone strength, while recent US tax changes removed much of the case for a new takeover attempt.

The chairman of AstraZeneca said yesterday he saw no prospect of a deal with US drugmaker Pfizer before a deadline of next Monday set under UK takeover rules, or any likelihood of that deadline being extended.

Pfizer defended the business case behind its plan to acquire AstraZeneca yesterday and questioned the UK company’s ability to stand alone for much longer as the US group’s CEO prepared for a grilling from British MPs.

The boss of US drug giant Pfizer has said the firm’s proposed takeover of British-based AstraZeneca is a “win-win for society”.

Pharmaceuticals giant AstraZeneca is to cut 700 jobs in the UK over the next three years and invest £330m.