By Breakingviews
Alexion Pharmaceuticals (ALXN) is either buying Portola Pharmaceuticals (PTLA) on the cheap at $1.4 billion, or paying a whopping premium - it all depends on your starting date. The deal means the $22 billion biotech snaps up a promising drug to reverse anticoagulants. The target has been on a downward slide for years, with the shares falling about 80% since the medication, Andexxa, was approved in 2018. But the buyer is shelling out a 132% premium based on Monday's closing stock price. It's more likely Alexion is overpaying.
Portola's drug can reverse popular