AstraZeneca acquires 96% of MedImmune

AstraZeneca has announced that following its tender offer for MedImmune through its wholly-owned subsidiary, AstraZeneca Biopharmaceuticals, the company has now acquired 229,271,957 shares of common stock of the firm – equal to a 96 per cent stake in the company.

The initial offering period for shares in the company ended at midnight on May 31st 2007, with the funds to be stored in the Bank of New York before being transmitted to former shareholders by June 6th.

“AstraZeneca also announced that [its subsidiary] will provide a subsequent offering period for all remaining shares of MedImmune common stock to permit stockholders who have not yet tendered their shares the opportunity to do so,” the company reports.

This tender will consist of an offer of $58 (29.3 pounds) in cash per share – the same price as the initial public offering – and will expire at midnight on 5th June 2007.

After this period, AstraZeneca will use a short-form merger to complete its acquisition of MedImmune, with this expected to take place on June 18th.

Following this merger, the shares of MedImmune will be delisted from the Nasdaq Global Select market and any remaining shares in the company be converted into a right to receive $58.

Earlier this month, it was reported that MedImmune shareholder Chris Larson of San Diego was attempting to derail this transaction, with litigation claiming that the merger was taking place to benefit senior executives in both companies, rather than shareholders.