AstraZeneca launches bond issue

AstraZeneca has announced a global bond market transaction totalling $6.9 billion (3.4 billion pounds).

According to the company, this money will be used to repay what has been described as a “significant” amount of the US paper taken on by the firm during the acquisition of MedImmune.

“This transaction represents part of our refinancing of the acquisition of MedImmune Inc and enables us to enhance our financial flexibility by diversifying our sources of funding,” said David Brennan, chief executive officer of AstraZeneca.

Mr Brennan added that he was “delighted” by the reception of investors to the firm’s bond market presence, with the transaction a Securities and Exchanges Commission-registered global offering.

AstraZeneca completed the acquisition of MedImmune in June this year and the latter is now 100 per cent owned by the former. AstraZeneca tendered $58 per share in its offer to acquire MedImmune.

AstraZeneca was formed in April 1999 following the merger of Astra AB and Zeneca Group.