Pfizer chasing AstraZeneca

U.S. drugmaker Pfizer Inc is working on its next move in a potential $100 billion bid battle for Britain's AstraZeneca Plc after having two bids rejected, as deal-making grips the healthcare industry. Pfizer said on Monday it made a $98.9 billion bid approach to AstraZeneca in January and had contacted its British rival again on April 26 seeking further discussions about a takeover. AstraZeneca shares jumped 15 percent on news of the latest takeover plan, which would be the biggest-ever foreign acquisition of a British company and one of the largest-ever pharmaceuticals deals. The renewed approach comes amid a wave of mergers and acquisitions in the sector, as the industry restructures in the face of healthcare spending cuts and cheap generic competition, according to Reuters.