Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

AstraZeneca Plc (AZN: Quote,AZN.L) said it entered into a definitive merger agreement with Ardea Biosciences, Inc. (RDEA: Quote), 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.

Register
To receive FREE breaking news email alerts for ARDEA BIOSCIENCES and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks moved notably higher over the course of the trading day on Friday after initially showing a lack of direction. The gains on the day extended the recent upward trend by the markets, with the tech-heavy Nasdaq reaching its best closing level in almost a month. Looking to capitalize on news of an Ebola diagnosis in New York City, Republican Senate candidate Scott Brown issued a statement Friday criticizing his Democratic opponent Sen. Jeanne Shaheen, D-N.H., for "waffling" on a travel ban. In another troubling sign for Democrats, the results of a Gallup poll released on Friday show that Tea Party Republicans are much more motivated to vote in the upcoming midterm elections than other Americans. The poll found that 73 percent of Tea Party Republicans are "extremely" or "very" motivated to vote in this year's elections.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.