UK pharmaceutical company AstraZeneca (LON:AZN) have agreed to buy ZS Pharma for $2.7 billion in cash, after months of negotiations.

ZS Pharma holders will get $90 per share, a premium of 42 percent on yesterday’s close. The deal is based on AstraZeneca acquiring medicines from ZS Pharma to boost its sales as their own big sellers near the end of their patent protection.

AstraZeneca’s Chief Executive Pascal Soriot said in a statement:

“This acquisition complements our strategic focus on Cardiovascular and Metabolic Disease by adding a potential best-in-class treatment to our portfolio of innovative medicines.”

Rival Swiss firm Actelion also made a bid for ZS Pharma, but were pipped at the post during the last days of bidding.

AstraZeneca are currently trading down 0.73 percent on the news. (0931GMT)