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Here’s why Alexion Pharmaceuticals (ALXN) sky-rocketed in the pre-market session

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AVGR Stock

Alexion Pharmaceuticals stocks surged 33.09% to $161.1 in the pre-market session following a report that AstraZeneca and Alexion Pharmaceuticals (ALXN) have signed a formal deal about the purchase of Alexion by AstraZeneca.

As demonstrated by American Depositary Receipts (ADRs), for each Alexion share, Alexion shareholders would earn $60 in cash and 2,1243 AstraZeneca American Depositary Shares (ADSs). This means a cumulative consideration of $39bn or $175 per share to Alexion shareholders based on AstraZeneca’s reference average ADR price of $54.14.

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The boards of both companies have overwhelmingly approved the acquisition. The merger is scheduled to close in Q3 2021, subject to receipt of regulatory clearances and shareholders’ consent in both companies. Upon closure, Alexion shareholders will control approximately 15 percent of the merged business.

To produce life-changing drugs, both businesses have the same commitment to research and engineering. Both organizations’ skills will develop a business with strong strengths through many technological channels and produce revolutionary drugs for millions of people around the world. The merged business would also provide an increased geographic presence and broad reach across the core, specialty, and highly specialized care.

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