US drugmaker Pfizer has abandoned its multi-billion takeover bid for UK pharmaceutical firm AstraZeneca.

The US company said it would not pursue the takeover past a bid deadline on Monday.

AstraZeneca rejected a final offer earlier this month saying the proposal undervalued the company and its “attractive prospects”.

Under UK takeover rules Pfizer must wait six months if it is to make a fresh bid unless invited to do so by AstraZeneca.

Pfizer met with opposition to its bid on a number of fronts though some investors had made it clear they wanted AstraZeneca to engage with the US company.