AstraZeneca buys US biotech firm Ardea Biosciences
Pharmaceuticals giant AstraZeneca has announced that it has agreed to acquired California-based biotechnology company Ardea Biosciences, whose lead product 'Lesinurad' (RDEA594) is currently in Phase III development as a potential treatment for the chronic management of hyperuricaemia in patients with gout.
Pharmaceuticals giant AstraZeneca has announced that it has agreed to acquired California-based biotechnology company Ardea Biosciences, whose lead product 'Lesinurad' (RDEA594) is currently in Phase III development as a potential treatment for the chronic management of hyperuricaemia in patients with gout.
"This attractive Phase III programme is an excellent opportunity to leverage AstraZeneca's global specialty and primary care sales and marketing capabilities," said David Brennan, Chief Executive Officer of AstraZeneca.
Under the terms of the definitive merger agreement, Astra will pay $32 per Ardea shares, representing a total cash value of around $1.26bn, including existing cash. This is a 55% premium to Ardea's closing price on Friday April 20th.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The boards of both companies have unanimously approved the terms of the agreement and the transaction is expected to complete in the second or third quarter of 2012, according to Astra's statement on Monday.
BC
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
'We face a £6m inheritance tax bill under Reeves's changes – it's sheer terror'
Thousands of families fear they’ll have no option but to look at selling their firms in a fire sale to pay inheritance tax bills, due to Rachel Reeves’s changes to business property relief
-
Millions of over 50s fear pension investment risk – how should you position your portfolio?
To de-risk or not to de-risk, that is the question. Act too late and you could face irreversible losses. Move too early and miss out on significant gains that could transform your retirement.