Pfizer keen to engage with AstraZeneca board

LONDON Tue May 13, 2014 2:31am EDT

A man walks past Pfizer's world headquarters in New York April 28, 2014. REUTERS/Andrew Kelly

A man walks past Pfizer's world headquarters in New York April 28, 2014.

Credit: Reuters/Andrew Kelly

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LONDON (Reuters) - U.S. drugmaker Pfizer kept up the pressure on bid target AstraZeneca on Tuesday, saying its offer represented compelling value for a company which would otherwise face challenges as a standalone firm.

Pfizer released a statement to set out its case for the deal, just hours before its chief executive appears in front of a British parliamentary committee to explain why he wants to acquire Britain's second largest drugmaker.

AstraZeneca has rejected a $106 billion bid from Pfizer but the U.S. group is widely expected to return with a higher offer later this week.

(Reporting by Kate Holton; Editing by Neil Maidment)

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