Alexion to acquire Synageva in $8.4 billion deal

Alexion Pharmaceuticals and Synageva BioPharma have entered into a definitive agreement pursuant to which Alexion will acquire Synageva for consideration of $115 in cash and 0.6581 Alexion shares, for each share of Synageva, implying a total per share value of $230.

The transaction has been unanimously approved by both companies’ Boards of Directors, and is valued at approximately $8.4 billion.

The acquisition strengthens Alexion’s global leadership in developing and commercialising transformative therapies for patients with devastating and rare diseases.

Synageva is focused on therapeutic products for patients with rare diseases

 “Synageva is an ideal strategic and operational fit for Alexion that aligns with what we know well and do well — providing life-transforming therapies to an increasing number of patients with devastating and rare diseases,” said David Hallal, Chief Executive Officer of Alexion. “With strong ongoing Soliris growth in PNH and aHUS worldwide, and the anticipated 2015 global launches of Strensiq and Kanuma, we will accelerate and diversify our revenue growth. We are excited to create the most robust rare disease pipeline in biotech across a range of therapeutic modalities. Synageva is an outstanding company that shares Alexion’s commitment to serving patients with rare diseases, and together we will create increasing value for our stakeholders.”

“Alexion is uniquely suited to advance Synageva’s mission to deliver life-saving therapies to patients whose diseases were once considered too rare for developing treatments,” said Sanj K. Patel, President and Chief Executive Officer of Synageva. “As Kanuma moves closer toward patients who suffer from LAL Deficiency, and the other pipeline programmes continue to progress, I am confident that this transaction will help continue to improve the lives of patients with LAL Deficiency and other devastating, rare diseases for years to come.”

With the anticipated approvals of Kanuma and Strensiq, Alexion will have three therapies serving patients with four devastating and rare diseases

The addition of Kanuma expands Alexion’s premier global metabolic rare disease franchise. Alexion will leverage its proven expertise in rare disease education and diagnostics, and its 50-country operating platform, to maximize the opportunity to serve patients suffering from LAL-D. The Company expects that these efforts will result in more infants, children and adults with LAL-D receiving a rapid and accurate diagnosis and, following regulatory approvals for Kanuma, enable physicians to make better informed treatment decisions for their patients. Kanuma is under Priority Review with the FDA and has been granted accelerated assessment of its Marketing Authorization Application by the European Medicines Agency. Regulatory decisions in the U.S. and Europe are expected in the second half of 2015.

Alexion developed Soliris from the laboratory through regulatory approvals, and currently provides Soliris to patients around the world with paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS), two life-threatening ultra-rare disorders. Since its launch in 2007, Soliris has grown to more than $2 billion in revenues in 2014, with additional growth anticipated as the Company has consistently identified significant numbers of new patients with PNH and aHUS each year. With Soliris, and following the anticipated approvals of Kanuma and Strensiq, Alexion will have three highly innovative and transformative therapies serving patients with four devastating and rare diseases in 2015.

Synageva’s Felix Baker to join Alexion’s Board of Directors

“By every measure, Alexion is at the strongest and most promising point in our history given the strength of our clinical, commercial, and operational performance and the depth of our team,” said Leonard Bell, M.D., Chairman of Alexion’s Board of Directors. “These strengths will enable us to accelerate the transformation of the lives of patients suffering from LAL-D around the world. Also, I am personally very pleased that Dr Felix Baker, a deeply experienced board member and leader in the biopharmaceutical industry, will join the Alexion Board of Directors when our transaction is completed. I look forward to working with Felix as we pursue our ambitions to serve more patients with more severe and rare disorders.”

“This transaction provides Synageva shareholders with immediate value and the opportunity to participate in Alexion’s long-term growth potential,” said Felix Baker, Ph.D., Chairman of Synageva’s Board of Directors. “I am excited to be joining the board of Alexion, a leading, global biotechnology company that is aligned with the mission that Synageva was founded upon – to serve patients who would otherwise be left behind.”