AstraZeneca's Proposed Acquisition Of Alexion Gets EU Clearance - Quick Facts

(RTTNews) - AstraZeneca (AZN.L, AZN) Tuesday said it has received clearance from the European Commission for the proposed acquisition of Alexion Pharmaceuticals, Inc.

The clearance follows competition clearances in the United States, Japan and other countries globally.

Regulatory clearance in the UK is pending and remains a requirement to complete the deal.

In December 2020, AstraZeneca agreed to buy Alexion for $175 per share in cash and stock, valuing the Boston-based company at $39 billion. Shareholders of both companies supported the acquisition by their votes on May 11, 2021.

AstraZeneca expects the proposed acquisition would enhance its scientific presence in immunology by adding Alexion's innovative complement-technology platform and an extensive pipeline.

Subject to completing the acquisition, the company will create a group focusing on rare diseases. It will be named 'Alexion, AstraZeneca Rare Disease', and will be headquartered in Boston, US.

The company noted that rare diseases represent a high-growth disease area with rapid innovation and significant unmet medical needs. Over 7,000 rare diseases are currently known, and only approximately 5% have treatments approved by the US Food and Drug Administration.

Demand in medicines for rare diseases is forecasted to grow by a low double-digit percentage in the future.

Marc Dunoyer, Executive Director and Chief Financial Officer, said, "We are now another step closer to closing the acquisition and combining the two companies to create a leader in immunology and precision medicines. We continue to progress towards the completion of the acquisition during this quarter."