AstraZeneca rejects $106bn Pfizer offer

British pharmaceutical giant AstraZeneca on Friday firmly rejected as "inadequate" an improved takeover offer from US rival Pfizer worth $106 billion (76 billion euros). "The financial and other terms described in the proposal are inadequate, substantially undervalue AstraZeneca and are not a basis on which to engage with Pfizer," the British group said in a statement, according to AFP.