(Alliance News) - AstraZeneca PLC on Monday said it has agreed to sell its 26.7% stake in Viela Bio Inc as part of a proposed acquisition by Dublin-based Horizon Therapeutics PLC.
Maryland-headquartered biotechnology firm Viela, which focuses on autoimmune and severe inflammatory diseases, was founded in 2018 as a spin-out from AstraZeneca.
Nasdaq-listed Horizon on Monday said it has agreed to buy Viela for USD53.00 per share in cash, valuing the firm as a whole at USD3.05 billion.
FTSE 100-listed pharmaceutical company AstraZeneca is expecting to receive cash proceeds and profit of around USD760 million to USD780 million for the sale of its holding. The sale is expected to complete by the end of the first quarter of 2021.
AstraZeneca added that the divestment will not impact its financial guidance for 2020.
By Lucy Heming; lucyheming@alliancenews.com
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Astrazeneca (AZN)