AstraZeneca to buy Alexion for $39 billion to expand in immunology

Britain's AstraZeneca has agreed to buy US drugmaker Alexion Pharmaceuticals for $39 billion in cash and shares to bolster its positions in immunology and rare diseases.

AstraZeneca, one of the frontrunners in the drugs industry's search for a COVID-19 vaccine, said on Saturday that Alexion shareholders would receive $60 in cash and 2.1243 AstraZeneca American Depositary Shares (ADSs) for each Alexion share.

Based on a reference average ADR price of $54.14, that implies a total price of $175 per share.

Alexion shares closed at around $121 apiece on Friday.

"This acquisition allows us to enhance our presence in immunology," AstraZeneca Chief Executive Pascal Soriot said in a statement.

"Alexion has established itself as a leader in complement biology, bringing life-changing benefits to patients with rare diseases."