Portola agrees to takeover bid from Alexion

6 May 2020

Following a couple of active M&A years, USA-based Alexion Pharmaceuticals (Nasdaq; ALXN) has now reached a definitive agreement to acquire Portola Pharmaceuticals (Nasdaq: PTLA), a commercial-stage biotech focused on blood-related disorders.

Portola’s shares ending Monday at $7.76. In pre-market trading Tuesday, the stock had risen to nearly $18 and closed Tuesday up130% at $17.85. Portola shares have dropped sharply in recent months; they were trading at $23.88 as recently as December 31, 2019. Alexion closed down 5.8% at $98.25.

Portola’s commercialized medicine, Andexxa [coagulation factor Xa (recombinant), inactivated-zhzo], marketed as Ondexxya in Europe, is the first and only approved Factor Xa inhibitor reversal agent, and has demonstrated transformative clinical value by rapidly reversing the anticoagulant effects of Factor Xa inhibitors rivaroxaban and apixaban in severe and uncontrolled bleeding. Portola posted sales of $11.5 million for the drug last year.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK