AstraZeneca merger completed, leaps to third in pharmaceutical sales league

The merger of Sweden's Astra and Zeneca of the UK has been completedjust 80 days after the deal was announced, creating the third biggest pharmaceutical company in the world. Shareholders at Astra's annual general meeting on April 6 approved the pact, thus satisfying all the conditions required for completion.

The deal represents the seventh largest merger ever and the biggest to date between two European companies. AstraZeneca will have its headquarters in London, making it the fifth largest company in the UK with a market capitalization of some L53 billion ($84.8 billion). The chief executive of the new entity, Tom McKillop, said that the "energy, thoroughness and cooperation" that has led to the speedy completion of the deal "will now be devoted to ensuring that AstraZeneca builds further on its excellent platform for growth."

In a joint statement, Sir David Barnes and Hakan Mogren (former chief executives of Zeneca and Astra, respectively) said that the "overwhelming support" given by the shareholders of both companies for the creation of AstraZeneca and its position as a world leader in prescription medicines "confirms the vision behind the merger."