Q: Hi Pat. I own Alexion Pharmaceuticals stock and I just read that AstraZeneca will buy it. I notice that the stock is trading under the acquisition price. Why is that? Thanks.
A: Alexion Pharmaceuticals Inc., $155.79, symbol ALXN on Nasdaq (Shares outstanding: 218.7 million; Market cap: $34.2 billion; www.alexion.com), has agreed to be acquired by U.K.-based pharmaceutical company AstraZeneca plc (ADR symbol AZN on New York).
Alexion’s shareholders will receive $60 in cash and 2.1243 AstraZeneca ADRs for each Alexion share.
Based on AstraZeneca’s current ADR price of $50.20, this implies a total consideration of $166.64 per share to Alexion’s shareholders.
Alexion’s shares are trading 6.5% below the offer price—which implies that investors are not expecting a competing offer. The wide gap reflects some investor uncertainty. That’s partly due to concerns that the deal will fail to win the necessary regulatory approvals. It may also reflect investor fears that the price of AstraZeneca’s ADRs will fall before the offering is completed, and push down the overall value.
All in all, though, it’s likely that the transaction will go through in the end as expected in the third quarter of 2021.
Alexion Pharmaceuticals is a hold to…
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