We’ve got the the latest massive biotech merger.
Alexion Pharma announced Wednesday that it is buying Synageva BioPharma for $US8.4 billion.
The deal includes $US115 in cash of 0.6581 shares, which implies a total value of $US225.92 per share, according to Reuters. That’s nearly 136% more than Synageva’s closing price on Tuesday.
In pre-market trade on Wednesday, Synageva shares jumped by more than 125%.
Alexion shares fell by nearly 3%.
In a statement, Alexion said the deal would help it create a larger portfolio of drugs for rare diseases.
“Synageva is an ideal strategic and operational fit for Alexion that aligns with what we know well and do well — providing life-transforming therapies to an increasing number of patients with devastating and rare diseases,” said Alexion CEO David Hallal.
“Alexion is uniquely suited to advance Synageva’s mission to deliver life-saving therapies to patients whose diseases were once considered too rare for developing treatments,” said Synageva CEO Sanj K. Patel.
It’s been a huge year for biotech mergers.