AstraZeneca to buy MedImmune for $15.2bn cash

04/23/07 - newratings.com

LONDON, April 23 (newratings.com) – UK-based pharmaceutical major AstraZeneca Plc (AZN-GBX) Monday announced that it had agreed to buy US-based biotechnology company MedImmune Inc (MEDI) for $15.2 billion.

AstraZeneca said the $58 per share all-cash deal is expected to be completed in June 2007. The deal price is 21% higher than MedImmune’s closing share price on April 20, AstraZeneca added. The US company had put itself for sale after facing pressure from shareholders, including billionaire investor Carl Icahn. MedImmune makes the FluMist influenza medicine, and the Synagis treatment for infant respiratory infections.