Pfizer says it won't make offer for AstraZeneca

NEW YORK - Pfizer (PFE) says it does not intend to make a takeover offer for British drugmaker AstraZeneca.

The announcement Monday comes a week after AstraZeneca's board rejected a proposed $119 billion buyout offer from Pfizer, the world's second-biggest drugmaker by revenue.

Pfizer Chairman and CEO Ian Read says the company's final proposal represented full value for AstraZeneca.

"We continue to believe that our final proposal was compelling and represented full value for AstraZeneca based on the information that was available to us. As we said from the start, the pursuit of this transaction was a potential enhancement to our existing strategy. We will continue our focus on the execution of our plans, bringing forth new treatments to meet patients' needs and remaining responsible stewards of our shareholders' capital," Read said in a statement.

Pfizer, the maker of Lipitor and Viagra, has been courting No. 8 AstraZeneca since January, saying their businesses would be stronger together.

Pfizer had been waiting for AstraZeneca to engage in merger talks by a Monday deadline.

Pfizer has previously said it would not make a hostile takeover bid directly to AstraZeneca's stockholders.