$15.6bn cash deal to create a fully integrated biopharmaceuticals business
AstraZeneca (AZ) has acquired MedImmune, Inc. in a cash deal worth $15.6 billion -- about 11 times MedImmune's 2006 revenues. This acquisition adds to AZ's presence in the growing biological medicines and vaccines areas of medicines research allowing AZ to address drug targets through three key technological approaches: small molecules, biologics and vaccines.
The combination of MedImmune with AZ's subsidiary, Cambridge Antibody Technology (CAT), creates a fully integrated biologics and vaccines business within the AZ Group with additional R&D, regulatory, manufacturing and global sales and marketing reach.
MedImmune founder and president, Wayne T. Hockmeyer, Ph.D. retires as president of MedImmune Ventures, Inc. and steps down as Chairman upon AZ's completing its acquisition.
MedImmune's revenues of $1.3 billion in 2006 from products included FluMist nasal spray flu vaccine, Synagis for infectious respiratory disease and Ethyol for reducing chemotherapy side effects. MedImmune has two late-stage products in development -- the next-generation Synagis and a refrigerated formulation of FluMist. With the Medimmune acquisition, AZ's share of biologics in the development pipeline increases from 7% to 27%.
AZ's Q1 revenues of $7 billion were up 13% on the back of sales of its five key products: Nexium, Seroquel, Crestor, Arimidex and Symbicort, up 17% to $3.6 billion. Expenses for R&D at $1.2 billion in the quarter were up 36%.
Keywords : AstraZeneca MedImmune Biopharmaceuticals FluMist Synagis Nexium Seroquel Crestor Arimidex Symbicort Cambridge Antibody Technology
