Following swiftly on US drugmaker MedImmune's decision to consider a sale of itself (Marketletter April 23), Anglo-Swedish pharmaceutical major AstraZeneca revealed that it has made a $15.6 billion offer for the cancer and infectious and inflammatory diseases specialist. The deal has the unanimous support of MedImmune's board, which has been under pressure from shareholders due to its poor performance on the stock market, and is expected to close in June. AstraZeneca's shares dipped 1.5% to L29.10 in the morning of the news, April 23, while the US firm shot up 18% to $56.65 when New York opened.
The acquisition, which is at a 20.8% premium to MedImmune's closing price on April 20 and includes a cash payment of $340.0 million, will have a positive impact on AstraZeneca's R&D pipeline. This has been subject to criticism in recent times due to a number of late-stage product failures. Specifically, it adds two advanced development assets: the next generation follow-on to the respiratory syncytial virus agent Synagis (palivizumab), Numax, a humanized monoclonal antibody being investigated for the prevention of serious lower respiratory disease caused by RSV and a refrigerated formulation of the live influenza vaccine FluMist, with anticipated US launch for the 200708 flue season.
Deal will up R&D projects to 163
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