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.
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