Pfizer considers raising bid for AstraZeneca: Report

Pfizer Inc is planning to return with a higher bid for British rival AstraZeneca Plc before the US drugmaker considers going hostile, according to media reports on Monday, citing people familiar with the matter.

The new offer will increase the value modestly above the current 50 pounds ($84.36) per share level while increasing the cash portion, two people familiar with the matter told media reporters.

Both Pfizer and AstraZeneca could not be reached for comment outside of business hours.

On May 2, AstraZeneca turned down a sweetened Pfizer cash and stock offer that valued the British company at 63 billion pounds.