(MENAFN) Alexion Pharmaceuticals said it will acquire rival Synageva BioPharma for USD8.4 billion cash and stock deal that will boost Alexion's business in treatment for rare diseases, AFP reported.
Alexion's offered to pay USD115 million in cash and 0.6581 Alexion shares for each share of Synageva, amounting to USD230 million in cash and stock. That represents a 140 percent premium to Synageva's closing at USD95.87.
Alexion projected that the combined company would achieve annual cost savings that reach at least USD150 million in 2017. The transaction is expected to be closed in mid-2015.
"Synageva is an ideal strategic and operational fit for Alexion that aligns with what we know well and do well, providing life-transforming therapies to an increasing number of patients," Alexion chief executive said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.