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Alexion Pharmaceuticals (ALXN) surprised the market by announcing an acquisition in the middle of the Covid-19 crisis as it is looking to acquire Portola Pharmaceuticals (PTLA).
Thanks to generous cash flows, Alexion has the means and willingness to be aggressive in dealmaking, having announced multiple deals in recent years and recent times. The main business continues to do well with continued impressive growth in sales and very strong earnings, all while multiples have become quite compelling.
Deal Terms
Alexion has reached a deal to acquire Portola in a transaction which