AstraZeneca reveals a $1.0 billion deal with Pfizer

July 29, 2023 03:07 PM PDT | By Invezz

AstraZeneca reveals a $1.0 billion deal with Pfizer — Image source: Invezz

Details of the AstraZeneca-Pfizer deal

The London-listed firm is buying a group of preclinical gene therapies from Pfizer to expand its footprint in rare diseases.

AstraZeneca expects the said transaction to complete in the third quarter of this year. Marc Dunoyer – the Chief Executive of Alexion (its rare-disease division) said in a press release today:

Genomic medicine has potential to be transformative and even curative for patients with devastating diseases.

The multinational spent a whopping $39 billion to acquire Alexion in 2021. It also paid a 660% premium last year to takeover LogicBio Therapeutics – a gene therapy developer based out of Lexington, U.S.A.

AstraZeneca beats expectations in Q2

Also on Friday, AstraZeneca plc reported a strong fiscal second quarter and reiterated its guidance for the full year that helped the stock end in the green.

The biotech giant expects its revenue to grow by up to 5.0% in 2023. Commenting on the company’s H1 performance, CEO Pascal Soriot said:

Each of our non-COVID-19 therapy areas saw double-digit growth. Our pipeline momentum continues with eight positive pivotal trails for our Oncology medicines so far this year.

Finally, AstraZeneca said Sharon Barr will replace Mene Pangalos as the Executive Vice President, Biopharmaceuticals R&D when he retires on August 1^st. Barr is currently the Head of R&D at Alexion.

The post AstraZeneca reveals a $1.0 billion deal with Pfizer appeared first on Invezz.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.