AstraZeneca Plc rejected Pfizer Inc.’s sweetened takeover proposal, saying the 63.1 billion-pound ($106.5 billion) offer fails to appreciate the value of the promising medicines under development by the U.K.’s second- biggest drugmaker.

The cash-and-stock offer, which values AstraZeneca at about 50 pounds a share based on yesterday’s closing price for Pfizer, also still relies too heavily on equity, London-based AstraZeneca said in a statement today. AstraZeneca earlier rejected a proposal of 46.61 pounds a share, announced April 28.

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