AstraZeneca completes MedImmune acquisition

Anglo-Swedish pharmaceutical firm AstraZeneca has announced the successful $15.6 billion (7.8 billion pound) acquisition of Maryland-based biotechnology firm MedImmune.

Established 19 years ago, MedImmune is now one of the world’s largest biotechnology companies, the Washington Post reports, and following on from the deal it is a wholly-owned subsidiary of AstraZeneca.

The Gaithersburg firm has delisted from the Nasdaq stock exchange and its president Wayne Hockmeyer has stepped down. He also recently resigned as the company’s chairman.

However, MedImmune chief executive David Mott will stay on in his role, continuing to head up AstraZeneca’s new biotech efforts.

And the company will continue to operate at its headquarters in Gaithersburg, with AstraZeneca having offered bonuses to workers if they stay on after the acquisition has been completed.

The deal follows a so-called second-step cash merger at the same share price as the first-step offer of $58 per share.

“MedImmune is delivering a notice to holders of its 1.375 per cent convertible senior notes due 2011 and 1.625 per cent convertible senior notes due 2013,” it said in a statement.