 £28m bid for rival pharmaceutical company Alexion has been approved by the UK's competition watchdog.){kind=link}
The merger will bolster AstraZeneca’s offering of cancer medicines
AstraZeneca’s (LON:AZN) £28m bid for rival pharmaceutical company Alexion has been approved by the UK’s competition watchdog and is now expected to close in a week.
The merger will bolster AstraZeneca’s offering of cancer medicines, the company confirmed, and became subject to a review by the Competition and Markets Authority, as they were concerned about the impact of the deal on competition.
New shares issued to Alexion shareholders will begin trading in London, Stockholm and New York the day after the deal is completed.
Marc Dunoyer, Executive Director and Chief Financial Officer, said: “We are very pleased to have secured this critical final clearance from the UK Competition and Markets Authority for the acquisition of Alexion. We look forward to the imminent closing of the transaction so that we may pursue our shared ambition to bring more innovative medicines to patients worldwide and begin AstraZeneca’s next chapter of growth.”
Support came from shareholders of both companies who voted in favour of the deal as far back as May.
A reorganisation of the managerial structure is anticipated once the merger is completed.
The FTSE 100 pharmaceutical company confirmed its intention to provide an updated 2021 outlook for the combined company “in due course”.