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.
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
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.
-
Saba Capital and Boaz Weinstein respond to investment trustsAs investment trust managers and industry experts accuse Saba of self-motivated opportunism, the hedge fund responds to specific "misleading claims" and sets out its stall
-
How to find top-quality companies with growing dividendsIan Mortimer, portfolio manager of Guinness Global Equity Income Fund, shares where he would put his money for sustainable and growing dividends
