GBP lower on the news given the M&A implications but this is by no means the end of the story

GBPUSD 1.6867 from 1.6883 EURGBP 0.8218 from 0.8210

Hats off to Andrew for the heads up in the comments section while I had my head down on other posts

Astrazeneca’s board says it had ” no hesitation” in rejecting the offer (GBP 50 per share), which it believes “substantially undervalues” the company

We are showing strong momentum as an independent company, in particular with our exciting, rapidly progressing pipline which the board believes will deliver some siginificant value for shareholders

Expect Pfizer to return with a better offer in due course and evermore hostile despite UK govt “smoothing”