AstraZeneca to buy Alexion for $39 billion to expand in immunology

Published On: December 12, 2020 08:25 PM NPT By: Republica | @RepublicaNepal

FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 8, 2019. REUTERS/Brendan McDermid/File Photo

LONDON, Dec 12: Britain’s AstraZeneca has agreed to buy U.S. drugmaker Alexion Pharmaceuticals for $39 billion in cash and shares to bolster its positions in immunology and rare diseases.

AstraZeneca, one of the frontrunners in the drugs industry’s search for a COVID-19 vaccine, said on Saturday that Alexion shareholders would receive $60 in cash and 2.1243 AstraZeneca American Depositary Shares (ADSs) for each Alexion share.

“This acquisition allows us to enhance our presence in immunology,” AstraZeneca Chief Executive Pascal Soriot said in a statement.

“Alexion has established itself as a leader in complement biology, bringing life-changing benefits to patients with rare diseases.”

The British company said the boards of both companies had approved the deal which, subject to regulatory and shareholder approval, is expected to close in the third quarter of 2021.