BY Fraser Tennant
In one of the year’s largest drug mergers, multinational pharmaceutical and biopharmaceutical company AstraZeneca is to acquire US biopharmaceutical company Alexion Pharmaceuticals, Inc. in a transaction valued at $39bn.
Under the terms of the definitive agreement, Alexion shareholders will receive $60 in cash and 2.1243 AstraZeneca American Depositary Shares (ADSs). The deal is expected to achieve double-digit revenue growth through 2025.
"Alexion has established itself as a leader in complement biology, bringing life-changing benefits to patients with rare diseases,” said Pascal Soriot, chief executive of AstraZeneca. “This acquisition allows us to enhance our presence in immunology. We look forward to welcoming our new colleagues at Alexion so that we can together build on our combined expertise in immunology and precision medicines to drive innovation that delivers life-changing medicines for more patients."
The combined company will have an enhanced global footprint and broad coverage across primary, speciality and highly specialised care.
“For nearly 30 years Alexion has worked to develop and deliver transformative medicines to patients around the world with rare and devastating diseases,” said Ludwig Hantson, chief executive of Alexion. “I am incredibly proud of what our organisation has accomplished and am grateful to our employees for their contributions. This transaction marks the start of an exciting new chapter for Alexion. We bring to AstraZeneca a strong portfolio, innovative rare disease pipeline, a talented global workforce and strong manufacturing capabilities in biologics.”
Furthermore, the capabilities of both organisations will create a company with great strengths across a range of technology platforms, with the ability to bring innovative medicines to millions of people worldwide.
The boards of directors of both companies have unanimously approved the acquisition, which is subject to receipt of regulatory clearances and approval by shareholders of both companies. The transaction is expected to close in Q3 2021.
Mr Hantson concluded: “We remain committed to continuing to serve the patients who rely on our medicines and firmly believe the combined organisation will be well positioned to accelerate innovation and deliver enhanced value for our shareholders, patients and the rare disease communities.”