Alexion to get $300 million of bank debt for Enobia purchase

By Sara Rosenberg

New York, Dec. 30 - Alexion Pharmaceuticals Inc. plans on using $300 million of committed bank debt to help fund its acquisition of Enobia Pharma Corp., according to a news release.

Additional funds for the transaction will come from cash on hand.

Under the agreement, Alexion is buying Enobia for $610 million in cash, plus up to $470 million in cash to be paid upon achievement of various regulatory and sales milestones.

Closing is expected in the first quarter, subject to expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

Goldman Sachs & Co. is acting as financial advisor to Alexion, and Bank of America Merrill Lynch is acting as financial advisor to Enobia.

Alexion is a Chesire, Conn.-based biopharmaceutical company focused on patients with severe and ultra-rare disorders. Enobia is a Montreal-based biopharmaceutical company focused on the development of therapies to treat patients with ultra-rare and life-threatening genetic metabolic disorders.

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