December 12, 2020 | Health Care | North America | Active

Alexion / AstraZeneca: New Deal Insights


US-based Alexion Pharmaceuticals has agreed to be acquired by UK drug maker, AstraZeneca, is what is the largest pharma deal announced this year and since Allergan / AbbVie in 2019 ($63bn). On 12-Dec-20, the companies confirmed a cash and stock definitive agreement that valued Alexion at $39.4bn, or $175 per share, representing a one-day takeover premium of 44.7%. Through the deal, Alexion shareholders will own 15% of the combined entity while AstraZeneca shareholders will own the remaining 85%. AstraZeneca has sought $17.5bn in bridge financing from a consortium of banks. The size of Alexion makes this a Class 1 transaction for AstraZeneca, meaning that ... Deal risks assessed in this research report: • Acquirer activism after AstraZeneca’s initial share price decline • A recall is issued on one of Alexion’s drugs



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