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Pfizer raises offer for AstraZeneca to $117 billion

Pfizer Inc. raised its offer to buy AstraZeneca Plc to 69.4 billion pounds ($117 billion) in what the drugmaker described as a final bid to spur negotiations for the industry’s biggest-ever acquisition.

Pfizer said it doesn’t expect AstraZeneca to accept the new cash-and-stock offer, which values the London-based company at 55 pounds a share, and is made up of 45 percent cash. On May 2, New York-based Pfizer offered 50 pounds a share, following a previous bid made in January.