(Alliance News) - Drugmaker AstraZeneca PLC on Wednesday said a UK watchdog approved its acquisition of Alexion Pharmaceuticals Inc.
The Cambridge, England-based company said the UK Competition & Markets Authority has cleared the takeover of Boston, Massachusetts-based biotech firm Alexion.
Astra's acquisition of Alexion is expected to close on July 21.
The move follows clearance received from the European Commission on Tuesday last week, and approvals in the US, Japan and other countries.
Astra Chief Financial Officer Marc Dunoyer said: "We are very pleased to have secured this critical final clearance from the UK Competition & Markets Authority for the acquisition of Alexion. We look forward to the imminent closing of the transaction so that we may pursue our shared ambition to bring more innovative medicines to patients worldwide and begin AstraZeneca's next chapter of growth."
The FTSE 100-listed firm announced plans to buy Alexion in a cash-and-stock deal, worth around USD39 billion, in December 2020.
Astra said it expects to issue consolidated financial reporting for the new combined entity in the third quarter of 2021, with results due November 10.
After the acquisition is complete, a new group focusing on rare diseases will be created named Alexion, AstraZeneca Rare Disease, and will be headquartered in Boston.
The deal would "enhance the company's scientific presence in immunology", Astra noted. Adding that of 7,000 known rare diseases, only 5% have US-approved treatments.
"Demand in medicines for rare diseases is forecasted to grow by a low double-digit percentage in the future," Astra said.
Shares in AstraZeneca were trading down 0.6% at 8,705.00 pence each in London on Wednesday morning.
By Scarlett Butler; scarlettbutler@alliancenews.com
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