As per reports, AstraZeneca (AZN) a leading Covid-19 vaccine developer and large multinational pharmaceutical firm has agreed to buy Boston-based biotechnology firm Alexion (ALXN) for $39 billion strengthening its position in immunology and rare diseases.
Alexion shareholders will receive $60/share in cash and 2.1243 AstraZeneca American Depositary Shares (ADSs) for each Alexion share or an equivalent of $175/share, a 45% premium to Friday’s closing price.
“This acquisition allows us to enhance our presence in immunology. Alexion has established itself as a leader in complement biology, bringing life-changing benefits to patients with rare diseases.” stated AstraZeneca Chief Executive Pascal Soriot.
AstraZeneca and Alexion announced in a press release that the deal has been unanimously approved by the boards of directors of both companies. The transaction is still pending government regulations and shareholder approval and is expected to close in the third quarter of 2021.
AstraZeneca expects to increase its annual revenue by double digits through 2025. Alexion will help with cash-flow and debt reduction informed the company.
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