AstraZeneca to acquire Ardea Bio for $1.26 billion
In line with its stated policy of making strategic, rather than mega, acquisitions, Anglo-Swedish drug major AstraZeneca (LSE: AZN) revealed this morning that it has entered into a definitive accord with Ardea Biosciences (Nasdaq: RDEA), a San Diego, California-based biotechnology company focused on the development of small-molecule therapeutics.
Under the terms of the agreement, AstraZeneca will acquire Ardea for $32 per share which represents a total cash value of around $1.26 billion, including existing cash (making the cost of the deal around $1 billion). This represents a premium on the value of Ardea’s stock of 50% based on the one month volume-weighted average price (and 54% based on the closing price on Friday, April 20, 2012. Ardea posted a net loss of $86.6 million, or $3.26 a share, for full year 2011.
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