AstraZeneca closes deal on MedImmune

The acquisition price represents a premium of approximately 53% to US-based MedImmune’s closing share price of $37.84 on 11th April, 2007, the day before the company indicated that it would consider a sale.

AstraZeneca said that the deal, expected to close in June, will extend the company’s access to small molecules, biologics and vaccines. AstraZeneca has already bought Cambridge Antibody Technologies in order to boost its biotech capabilities and said that the combination of CAT and MedImmune will create a fully integrated biologics and vaccines business within the AstraZeneca Group.

MedImmune posted revenues of $1.3 billion in 2006. The acquisition gives AstraZeneca two late-stage assets: the next generation follow-on to Synagis, Numax and a refrigerated formulation of FluMist with an anticipated US launch for 2007-2008 influenza season. David Mott, the CEO and president of MedImmune, and James Young, head of R&D at MedImmune, have committed to remain with the company.

David Brennan, CEO of AstraZeneca, said: “This acquisition represents a transformational step to deliver our biologics strategy sooner than anticipated. 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.”