AZ scoops up ZS ahead of PDUFA date

AstraZeneca plc (LSE:AZN; NYSE:AZN) is grabbing ZS Pharma Inc. (NASDAQ:ZSPH) for $2.7 billion in cash, betting the biotech's ZS-9 for hyperkalemia will generate $1 billion in peak year sales after approvals starting with an FDA decision next May.

The $90 per share offer is a 42% premium to ZS Pharma's close of $63.31 on Nov. 5, before the deal was announced, and a 55% premium to its close of $58.19 on Sept. 9, prior to media reports that Actelion Ltd. (SIX:ATLN) made a bid for the biotech (see BioCentury Extra, Sept. 10). ...