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April
23, 2007--Less
than two weeks after announcing it was for sale, MedImmune
was offered $15.2 billion by AstraZeneca. In exchange,
AstraZeneca gets a pipeline infusion of 45 products in
development at MedImmune.
MedImmune’s pipeline boasts successors to its flu spray
vaccine FluMist and respiratory treatment Synagis.
Together with last year’s $1.3 billion acquisition of
Cambridge Antibody Technology, the purchase of
MedImmune will enable AstraZeneca to create a fully integrated
biologics and vaccines business.
MedImmune
generated $1.3 billion in revenue in 2006. For the first
quarter of 2007, AstraZeneca’s profit rose 10% to $1.56
billion, with sales up 13% to $6.97 billion. AstraZeneca
expects the MedImmune deal will add to profits starting in
2009.
In
putting itself on the block, MedImmune reportedly
succumbed to pressure from shareholders, including
billionaire Carl Icahn. Eli Lilly, Wyeth, GlaxoSmithKline,
Sanofi-Aventis, Novartis, and Merck were among other
companies rumored to be potential buyers.
Also
announced today, AstraZeneca has terminated its
collaboration with AtheroGenics regarding experimental
heart drug, AGI-1067, following disappointing clinical
results. The termination results in a charge of $83
million to AstraZeneca, and AtheroGenics regains rights to
the drug. |
