OR WAIT null SECS
London (Apr. 23)-AstraZeneca PLC agreed to acquire MedImmune, Inc. for approximately $15.6 billion. The deal is expected to close in June 2007.
London (Apr. 23)-AstraZeneca PLC (www.astrazeneca.com) agreed to acquire MedImmune, Inc. (Gaithersburg, MD, www.medimmune.com) for approximately $15.6 billion. The deal is expected to close in June 2007.
The acquisition of MedImmune further advances AstraZeneca's biologics strategy, giving the company biologics manufacturing capacity and late-stage drug candidates."This acquisition represents a transformal step to deliver our biologics strategy sooner than anticipated," said AstraZeneca CEO David Brennan. "It creates a leading fully integrated biologics-and-vaccines business with critical mass and enhances AstraZeneca's R&D science base, through which we will deliver a stronger product pipeline."
AstraZeneca is adding two late-stage drug candidates: "Numax," a next-generation product that follows MedImmune's "Synagis" and the refrigerated formulation of "FluMist," which has an anticipated US launch for the 2007–2008 influenza season. The acquisition of MedImmune also increases the percentage of biologics in AstraZeneca's pipeline from 7% to 27% and enlarges the latter's total pipeline by 45 projects to 163 projects.
AstraZeneca also gains biologics manufacturing capacity. MedImmune has biologics manufacturing capacity of more than 30,000 L planned by 2010, with the potential to increase capacity as much as 60,000 L with further modest investment. "This would secure production requirements for the long term and avoid the need for major near-term 'green-field' manufacturing investment by AstraZeneca to support its biologics strategy," said AstraZeneca in a release.
AstraZeneca expects to achieve synergies of $500 million per year by 2009. David Mott, CEO and president of MedImmune, and James Young, president, research and development of MedImmune, have agreed to remain with MedImmune along with other senior management members, through the closing of the deal. Mott will also take a leadership role within AstraZeneca.