ALXN to Acquire Synageva in $8.4B deal; ALXN increases buyback to $1B
- ALXN and Synageva BioPharma Corp. (Nasdaq:GEVA) announced today that they have entered into a definitive agreement pursuant to which Alexion will acquire Synageva for consideration of $115 in cash and 0.6581 Alexion shares, for each share of Synageva, implying a total per share value of $230 based on the nine day volume-weighted average closing price of Alexion stock through May 5, 2015. The acquisition strengthens Alexions global leadership in developing and commercializing transformative therapies for patients with devastating and rare diseases.
- The transaction has been unanimously approved by both companies Boards of Directors, and is valued at approximately $8.4 billion net of Synagevas cash. The transaction is expected to accelerate and diversify Alexions growing revenues, and Alexion expects to achieve annual cost synergies starting this year and growing to at least $150 million in 2017. In addition, the transaction is expected to be accretive to non-GAAP earnings per share in 2018.