The US Federal trade Commission review has granted clearance for AstraZeneca’s proposed acquisition of Alexion Pharmaceuticals, achieving an important milestone in the completion process.
The clearance grant follows the end of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
Competition clearances have already been issued in countries such as Canada, Brazil and Russia, with a full list available on AstraZeneca’s website, astrazeneca.com.
Other global regulatory clearances that are pending, include countries from the EU, the UK and Japan.
AstraZeneca Executive Director and Chief Financial Officer Marc Dunoyer said: “These clearances further advance us towards closing our acquisition of Alexion. We remain focused on the next chapter for AstraZeneca and Alexion, building on our combined expertise in immunology and precision medicines and our shared ambition to bring more innovative medicines to patients worldwide. We look forward to working closely with other global authorities as we progress toward this goal.”
First announced in December 2020, the proposed acquisition is expected to improve the global biopharmaceutical company’s scientific presence in immunology through the addition of Alexion’s strong pipeline and innovative complement-technology platforms.
The acquisition is expected to close in the third quarter of 2021, subject to receipt of additional global regulatory clearances and approval by shareholders of both companies. Shareholder voting is expected to be held on 11 May 2021.
Once the acquisition is successfully completed, a dedicated business unit called ‘Alexion, The AstraZeneca Rare Disease Unit’ will be created with headquarters in Boston, US.
AstraZeneca’s global footprint and coverage will be greatly enhanced across primary, speciality and highly specialised care.
Double-digit revenue growth is anticipated from the company through 2025, along with double-digit core EPS accretion for the first three years, as well as strong cash flow with an aim to increase the dividend.