AstraZeneca completes Ardea takeover

AstraZeneca said it had successfully completed its acquisition of California-based biotechnology company Ardea Biosciences.

The pharmaceutical giant said the $1.2bn deal would strengthen its late-stage pipeline with the addition of lesinurad, which is aimed at patients with gout.

Astra paid $32 per share, which at the time the takeover was announced was a 55% premium.

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At the time the deal completed the prices had equalised with Ardea shares changing hands at $31.96 at the close on Tuesday.

With the takeover complete, each outstanding share of Ardea common stock has been cancelled and converted into the right to receive $32.00, in cash, without interest.

Shares of Ardea have ceased trading on the NASDAQ.