Pfizer has abandoned its almost £70 billion bid to buy rival AstraZeneca, after the British company's board rejected the offer.

“Following the AstraZeneca board’s rejection of the proposal, Pfizer announces that it does not intend to make an offer for AstraZeneca,” a short statement read.

The move had been widely expected, after Pfizer warned that it would not increase its £55 per share offer, saying it was its final bid. However, AstraZeneca’s board turned down the bid, saying it could produce more value for shareholders as a standalone company.

Pfizer had already ruled out a hostile bid, saying it would not approach shareholders directly.

Under UK takeover rules, the company had until 5pm today to make a firm offer. A cooling-off period of at least three months must now be served before talks can restart.

(Additional reporting: Bloomberg)