Pharmaceutical company AstraZeneca Plc has decided to make a move to purchase rare-disease specialist Alexion Pharmaceuticals Inc. for a hefty price tag of $39 billion. According to AstraZeneca, this move will account for the majority of the company’s growth, particularly following its low-return attempt at developing a COVID-19 vaccine candidate in partnership with the University of Oxford.
On a call with reporters, AstraZeneca Chief Executive Officer Pascal Soriot described the acquisition as “an important step in the history of the company”, going on to explain that it is a critical step in the process of accelerating the company’s development of immunological therapies.
The offer to purchase Alexion Pharmaceuticals Inc. values the company at $175 per share; a 45% premium on the company’s closing price on Friday. This purchase would secure AstraZeneca’s status as one of the world’s 10 largest drugmakers, as well as mark the company’s largest deal since its formation in 1999.
Prior to the coronavirus outbreak, the UK-based AstraZeneca was one of the fastest-growing pharmaceutical companies worldwide, with a growth of 70% in just the past three years. This growth was largely fueled by sales of the company’s cancer drugs like Lynparza, Imfinzi, and Tagrisso.
