AstraZeneca agreed to pay for the purchase with a mix of cash and stock, and said it took out a short-term loan of $17.5 billion from Morgan Stanley, J.P. Morgan and Goldman Sachs to help pay for it.
In a statement, Alexion told CNN Business that by combining its expertise in rare diseases with AstraZeneca’s comprehensive global reach and broad portfolio, “we will substantially expand our impact to the patients we can serve around the world.”
After the acquisition, AstraZeneca expects to increase its annual revenue by double digits through 2025. Alexion will help with cash-flow and debt reduction, the company said.
On Saturday, AstraZeneca’s stock was up 0.71% following news of the deal.
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