Drug giants lock horns over $100-B merger deal

NEW YORK: US drug titan Pfizer said it wants to acquire AstraZeneca in a deal potentially worth $100 billion to fortify its pipeline of new medicines and sharply cut its tax bill.

Pfizer Monday disclosed that it proposed in January a preliminary, non-binding takeover of about $99 billion to AstraZeneca, only to be rejected by the British company. A second effort to revive talks was rebuffed on April 26.