AstraZeneca’s planned acquisition of New Haven-born Alexion Pharmaceuticals has scaled a major hurdle, clearing a key review from the Federal Trade Commission, according to a Friday regulatory filing.
The UK-based drug giant called the move “an important step” that keeps the $39 billion deal on track to close in the third quarter of this year, pending shareholder approval and additional global regulatory clearances.
Some analysts had predicted the FTC would block or attach conditions to the acquisition as part of a crackdown on large biopharma deals under the Biden administration. But those concerns never materialized.
“We remain focused on the next chapter for AstraZeneca and Alexion, building on our combined expertise in immunology and precision medicines and our shared ambition to bring more innovative medicines to patients worldwide,” AstraZeneca Chief Financial Officer Marc Dunoyer said in an announcement.
Shareholders of both companies are expected to vote on the deal on May 11.
Under the deal, first announced in December, Alexion shareholders will receive cash and stock valued at around $175 a share, the companies have said.
Following the takeover, Alexion will become a dedicated business unit of AstraZeneca known as “Alexion, The AstraZeneca Rare Disease Unit,” the filing said. The new unit will be based in Boston, where Alexion moved its headquarters in 2018.
It is unclear what impact the combination may have on Alexion’s Elm City research and development facility at 100 College St., which continues to house some 500 employees. In 2019, Alexion announced plans to spend $10 million to grow its R&D presence there.
According to the filing, the deal still is awaiting several global regulatory clearances, including in the UK, European Union and Japan.
Contact Natalie Missakian at news@newhavenbiz.com
