IAN READ, the chief executive of Pfizer, is not a man easily rebuffed. His attempt to woo AstraZeneca, a British drugs firm, included politesse—appearances before Parliament, web videos on Pfizer’s strategy—and, more importantly, a sweetened offer on May 18th worth around £70 billion ($120 billion). However, AstraZeneca’s board has rejected the bid and, as we went to press, it seemed dead in the water.