ALXN - Why Alexion Pharmaceuticals Is Soaring and AstraZeneca Is Sinking Today
Shares of the rare-disease specialist Alexion Pharmaceuticals (NASDAQ: ALXN) are up by a healthy 30.6% as of 10:03 a.m. EST Monday morning. The biotech's shares are roaring higher this morning in response to a $39 billion buyout agreement with British and Swedish pharma giant AstraZeneca (NASDAQ: AZN) .
This cash and stock merger agreement reportedly values Alexion at $175 a share, which represents a 45% premium compared to where the company's shares closed last Friday. The transaction is expected to close in the third quarter of 2021. Upon closing, Alexion shareholders will own roughly 15% of the newly formed healthcare titan.
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Why Alexion Pharmaceuticals Is Soaring and AstraZeneca Is Sinking Today