Alexion Pharma to buy Achillion for $1.2B

Wednesday, 16. October 2019 13:36

Alexion Pharmaceuticals Inc. announced on Wednesday it has entered into a definitive agreement to acquire Achillion Pharmaceuticals Inc. for approximately $1.2 billion. Alexion hopes the acquisition will enhance its treatment of patients suffering from rare blood diseases.

The all-cash purchase valued the company at $930 million, or $6.30 per share of Achillion common stock. However, as a part of the acquisition, Alexion will also be buying the cash currently on Achillion's balance sheet, which amounted to approximately $230 million as of September 30, bringing the stock price up to $8.30.

"Alexion is an established leader in developing medicines for complement-mediated diseases, and we look forward to working together to accelerate our objective of bringing novel therapies to patients as quickly as possible and ensuring that the broad promise of this approach is fully realized. We thank our employees, investigators, and partners for their incredible work and commitment," Achillion CEO Joe Truitt said in the press release.

Related Links: Alexion Pharmaceuticals Inc.
Author:
Breaking the News / MD