Pfizer raises offer for AstraZeneca to 55 pounds a share

LONDON Sun May 18, 2014 4:52pm EDT

LONDON May 18 (Reuters) - U.S. drugmaker Pfizer said on Sunday it had raised its offer for British rival AstraZeneca to 55 pounds a share and increased the cash element to 45 percent.

AstraZeneca rejected an earlier of cash-and-stock approach worth 50 pounds a share on May 2, arguing it substantially undervalued the company. (Reporting by Ben Hirschler; Editing by Robin Pomeroy)