AstraZeneca to acquire MedImmune for $15.2bn

AstraZeneca has announced that it is to purchase MedImmune for $15.2 billion (7.61 billion pounds), equating to an offer of $58 per share, with this transaction due to be finalised in June 2007.

The company states that this acquisition will facilitate the speedier delivery of its ambitions in biologics through the creation of a fully-integrated biotechnology segment with its Cambridge Antibody Technology subsidiary.

As a result of this transaction, AstraZeneca states that its biotechnology business will have improved capabilities in research, development, manufacturing and sales.

The deal will also add 45 projects to the company’s development pipeline, including monoclonal antibody Synagis and two compounds in late-stage development.

David Brennan, chief executive officer of the firm, said: “This acquisition represents a transformational step to deliver our biologics strategy sooner than anticipated.

“It creates a leading fully-integrated biologics and vaccines business with critical mass and enhances AstraZeneca’s research and development science base through which we will deliver a stronger product pipeline.”

He added that the deal has the potential to bring value to employees, shareholders and patients.

AstraZeneca shareholder and asset manager at Vontobel Romain Pasche commented that it will take an extended period of time until the firm makes a profit as a result of this acquisition, Bloomberg reports, with the company still requiring the filling of gaps in its late-stage research and development pipeline.