Portola agrees to takeover bid from Alexion

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.