UK Greenlights AstraZeneca/Alexion Deal
The bark of the UK’s Competition and Markets Authority (CMA) evidently is worse than its bite – which in the case of AstraZeneca’s $39 billion acquisition of Alexion was none at all. Only a week after European authorities approved the deal, the CMA also gave the green light, without voicing any competition concerns. With this behind it, the two drugmakers are free to merge by Jul. 21.
In May, the CMA said it would examine whether the transaction would “hurt competition within any market or markets in the United Kingdom.” It solicited public comment until Jun. 3, although from a portfolio perspective, analysts said there was no significant geographic or product overlap between the two companies.
Antitrust authorities in all major global jurisdictions, including the US Federal Trade Commission have already given the go-ahead.
After completing the transaction, AstraZeneca plans to create a rare disease unit called Alexion, which will be based at the US biotech’s Boston, Massachusetts, headquarters in the US. Marc Dunoyer, currently AZ’s chief financial officer, has been designated as chief strategy officer of the new unit. Alexion’s CFO, Aradhana Sarin, will succeed him as CFO of AstraZeneca.
Author: Dede Williams, Freelance Journalist
