Business

AstraZeneca buying drug developer Alexion for $39 billion

FILE - This Saturday, July 18, 2020 file photo shows a general view of AstraZeneca offices and the corporate logo in Cambridge, England. Oxford University says on Saturday, Sept. 12 trials of a coronavirus vaccine that it is developing with pharmaceutical company AstraZeneca will resume, days after being paused due to a reported side-effect in a patient in the U.K. The university said in large trials such as this “it is expected that some participants will become unwell and every case must be carefully evaluated to ensure careful assessment of safety.” (AP Photo/Alastair Grant, file)

LONDON (AP) — Pharmaceutical company AstraZeneca says it is buying U.S. drug developer Alexion in a deal worth $39 billion.

Cambridge, England-based AstraZeneca PLC, which is involved in one of the efforts to develop a COVID-19 vaccine, said Saturday it’s using a combination of cash and shares for the acquisition of Boston-based Alexion Pharmaceuticals Inc.

The boards of both companies unanimously approved the transaction, which still needs regulatory and shareholder approval. The deal is expected to close in the third quarter of 2021.

“This acquisition allows us to enhance our presence in immunology,” AstraZeneca CEO Pascal Soriot said in a statement.

AstraZeneca and Oxford University have jointly developed a coronavirus vaccine that British and Canadian regulators are assessing, alongside a rival effort by U.S. drugmaker Pfizer and Germany’s BioNTech that has already earned some emergency approvals, and another by U.S. biotechnology company Moderna.

Trending Headlines

MORE STORIES

LIKE US ON FACEBOOK