UK’s AstraZeneca says buying US biotech firm Alexion for $39 billion

London (HRNW) British pharmaceuticals group AstraZeneca, which is finalising a vaccine against Covid-19, said Saturday it was buying US biotech firm Alexion for $39 billion to boost its work on immunology.

“Alexion has established itself as a leader in complement biology, bringing life-changing benefits to patients with rare diseases,” AstraZeneca chief executive Pascal Soriot said in a statement, announcing the year’s biggest deal in the pharma sector.

“We look forward to welcoming our new colleagues at Alexion so that we can together build on our combined expertise in immunology and precision medicines to drive innovation that delivers life-changing medicines for more patients,” he said.

Both boards have agreed to the cash-and-stock deal, which values Alexion at $175 a share, a premium of 45 percent to the Boston-based company’s closing price on Friday.

Since taking the helm at AstraZeneca in 2012, Soriot has pushed the group into lucrative treatments such as cancer therapies, and the Alexion takeover will give it more heft in areas such as treating blood disorders.