AstraZeneca To Buy Former CT-Based Alexion In $39 Billion Deal

NEW HAVEN, CT — Pharmaceutical giant AstraZeneca announced that it will acquire former Connecticut-based Alexion Pharmaceuticals.

Alexion shareholders will receive $60 in cash per share plus the equivalent of about one AstraZeneca share — the deal works out to a total of $39 billion or around $175 per Alexion share.

The boards of both companies have approved the acquisition and it is still subject to regulatory clearances and approval by shareholders of both companies. The deal is expected to close in the third quarter of 2021.

Alexion specializes in pharmaceuticals for immune-related rare diseases. Its main product is the monoclonal antibody Soliris, which is one of the most expensive drugs in the world.

“This transaction marks the start of an exciting new chapter for Alexion,” said Alexion CEO Ludwig Hantson in a statement. “We bring to AstraZeneca a strong portfolio, innovative rare disease pipeline, a talented global workforce and strong manufacturing capabilities in biologics.”

The deal will help AstraZeneca’s push into immunology drugs.

“Alexion has established itself as a leader in complement biology, bringing life-changing benefits to patients with rare diseases,” said AstraZeneca CEO Pascal Soriot in a statement. “This acquisition allows us to enhance our presence in immunology.”

Alexion moved from Cheshire to New Haven in 2016 and was awarded a $6 million state-funded grant and $20 million loan to help with job creation. It moved its corporate headquarters Boston in 2017, but kept researchers in New Haven. Connecticut officials demanded that Alexion pay pack the loan and grants.

Alexion’s departure called into question the state’s First Five program, which awards grants and forgivable loans to companies if they hit certain job creation metrics. ESPN was also a recipient of the program and announced layoffs as well. Westport-based Bridgewater Associates, which is one of the world’s largest hedge funds was also awarded money under the program.