BioCentury
ARTICLE | Company News

MedImmune Inc., AstraZeneca deal

April 30, 2007 7:00 AM UTC

AZN will acquire MEDI for $15.6 billion based on $58 for each of MEDI’s 283.9 diluted shares, less about $900 million in proceeds from 30.1 million exercised options. The deal value is about 10 times MEDI’s most recent guidance for 2007 revenues of $1.5 billion. The per-share price is a 21% premium to MEDI’s close of $48.01 on April 20, the last trading day before the deal was announced, and a 53% premium to MEDI’s close of $37.84 on April 11, the day before MEDI said it would explore strategic alternatives (see BioCentury, April 23).

MEDI’s 45 development projects will increase the proportion of biologics in AZN’s pipeline to 27% from 7%. MEDI markets Synagis palivizumab to prevent pediatric respiratory syncytial virus (RSV) infection and FluMist, an intranasal influenza vaccine. The company expects to launch its CAIV-T, a refrigerator-stable formulation of FluMist, for the 2007-08 flu season and expects to submit a BLA next half for Numax motavizumab, a next-generation humanized RSV antibody. ...