Cheshire drug maker Alexion Pharmaceuticals Inc. announced Wednesday plans for a two-for-one split of its skyrocketing stock.
The company’s board approved the split, which stockholders must approve at their May 11 annual meeting. They are being asked to double the authorized shares of common stock to 290 million.
If approved, the split, in the form of a 100 percent stock dividend, will take place on or about May 20 to stockholders of record on May 2, the company said Wednesday.
Alexion’s sole product, Soliris, treats a genetic blood disease called paroxysmal nocturnal hemoglobinuria, or PNH.
Separately, Alexion announced that it has been included in the Nasdaq-100 Index, effective April 4. This index includes 100 of the largest domestic and international non-financial companies listed on Nasdaq based on market capitalization.
As of 11 a.m., Alexion was up $1.40 at $98.54, giving it a market cap of $9 billion – nearly double what it was barely two years ago. Its 52-week trading range is $45.18 to $100.36 a share.
