(Sharecast News) - AstraZeneca has agreed to divest its 26.7% stake in US biotechnology company Viela Bio as part of the latter's proposed acquisition by Horizon Therapeutics.
The London-listed pharmaceutical company said on Monday that it expects to receive cash proceeds and profit of around $760-$780m from the sale, which is due to complete by the end of the first quarter.
The divestment does not impact the group's financial guidance for 2020, AstraZeneca said.
Horizon Therapeutics announced earlier that it has agreed to buy Viela Bio for around $3.1bn.
Astrazeneca (AZN)6 May 2024 07:46
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