Abstract

Yet again another headline-grabbing event has just taken place: on 23 April AstraZeneca entered into a definitive agreement to acquire MedImmune in an all-cash transaction which will purchase the company for U$15.2 B #8211; a 21% premium to MedImmune#8217;s closing share price on 20 April. Clearly, pharmaceutical companies have not lost their appetite for acquiring biotechs. However, when it was announced, this latest move actually resulted in AstraZeneca#8217;s share price dropping by 5%. So has AstraZeneca made the right move, and did it offer too much as some analysts and shareholders have complained? Fintan Walton outlines his views on the strategies that pharmaceutical companies are taking towards biotechs #8211; as represented in previous business commentaries and in interviews shown on lt;a href="http://www.pharmatelevision.com" target="_blank"gt;PharmaTelevisionlt;/agt; #8211; and comes to the conclusion that his #8216;decisive and firm view on this is #8211; it depends! It depends on what the company does next [for] MedImmune is rich with opportunities#8217;.

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