AstraZeneca completes tender offer for MedImmune

By Lisa Kerner

Charlotte, N.C., June 6 - AstraZeneca plc said it successfully completed its $58-per-share tender offer for all of the outstanding shares of MedImmune, Inc. The subsequent offering period ended at midnight ET on June 5.

AstraZeneca subsidiary AstraZeneca Biopharmaceuticals Inc. purchased a total of 218,750,474 MedImmune shares, or about 91.6% of shares outstanding, in the initial and subsequent offering periods, a company news release stated.

A short-form merger is expected to be completed on or about June 18 to complete the MedImmune acquisition.

The companies announced a definitive agreement on April 23.

MedImmune will be combined with AstraZeneca's wholly owned subsidiary Cambridge Antibody Technology to form a fully integrated biologics and vaccines business, according to a company news release.

The $15.6 billion deal will increase the proportion of biologics in AstraZeneca's pipeline to 27% from 7% and will grow the total pipeline to 163 projects from 45 projects, according to the release.

MedImmune is a Gaithersburg, Md.-based biotechnology company.

AstraZeneca is a pharmaceutical company based in London.

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