logo
Plus   Neg
Share
Email

AstraZeneca To Buy Ardea Biosciences For $32/share - Quick Facts

AstraZeneca Plc (AZN,AZN.L) said it entered into a definitive merger agreement with Ardea Biosciences, Inc. (RDEA), pursuant to which AstraZeneca will acquire Ardea. Under the deal terms, AstraZeneca will acquire Ardea for $32 per share which represents a total cash value of approximately $1.26 billion, including existing cash.

This represents a premium on the value of Ardea's stock of 50% based on the one month volume-weighted average price and 54% based on the closing price on Friday, April 20, 2012.

The transaction will close in the second or third quarter of 2012. Ardea shareholders representing approximately 30% of the current total shares outstanding have entered into a voting agreement with AstraZeneca to vote in favour of the transaction.

Ardea's clinically most advanced product candidate, lesinurad, is currently in Phase III development as a potential treatment for the chronic management of hyperuricaemia in patients with gout. AstraZeneca also plans to develop and commercialise lesinurad in China and Japan. AstraZeneca will supplement Ardea's existing capabilities to progress lesinurad Phase III development programme and regulatory submissions. The company will seek to absorb the further development costs of the Ardea compounds in its existing R&D programme.

Through this acquisition, AstraZeneca would also add to its pipeline RDEA3170, a next-generation selective URAT1 inhibitor currently in Phase I development.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Tens of thousands of casino workers in Las Vegas voted Tuesday to authorize a city-wide strike anytime after June 1 if labor contract agreements are not reached before they expire at the end of May. This would be the first strike in more than three decades in Las Vegas and could cripple the city's famed hospitality industry. Ten former and current employees of McDonald's Corp. have filed sexual harassment complaints with the federal government against the fast food giant. The women filed the complaints with the U.S. Equal Employment Opportunity Commission or EEOC and are receiving support from Fight for $15, which is organizing the effort. The TIME's UP Legal Defense Fund is covering legal fees for the women. A bill rolling back financial regulations implemented following the 2008 financial crisis is headed to President Donald Trump's desk for his signature after being approved by the House on Tuesday. The House voted 258 to 159 in favor of the Economic Growth, Regulatory Relief, and Consumer Protection...
Follow RTT