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(Updates with more details of transaction.)
Dec 12 (Reuters) - 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.
Based on a reference average ADR price of $54.14, that
implies a total price of $175 per share.
Alexion shares closed at around $121 apiece on Friday.
"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.
Alexion shares have struggled in the last few years as
investors have wondered whether the company had a follow-up
therapy to its best selling franchise that treats rare diseases.
The company has been rumored as a takeover target amid this
stock slide. Activist investor Elliott Management Corporation,
which had a stake in the company, pushed it to sell itself last
December, a move the company rejected at the time.
(Reporting by Aishwarya Nair and Rebecca Spalding; Editing by
Toby Chopra and Mark Potter)
