U.S. drugmaker Pfizer has raised its takeover bid for British rival AstraZeneca for a third time, hiking the stock-and-cash offer to nearly $119 billion (70.7 billion pounds), but AstraZeneca has quickly rejected it. The move is the latest in a flurry of proposed drug takeovers this year. The deals highlight how the global pharmaceutical industry could over time consolidate into a very small number of massive companies as competition increases from generic versions of medicines. The enhanced economies of scale could boost returns for shareholders but what it means for consumers is still unclear.

— PFIZER-ASTRAZENECA