Astra Zeneca To Buy Biotech MedImmune
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Reuters reported today that AstraZeneca Plc (AZN.L) has agreed to buy U.S. biotechnology company MedImmune Inc. (Nasdaq:MEDI - news) for more than $15 billion in its biggest transaction since the creation of the Anglo-Swedish drugs group in 1999.
The all-cash deal, announced on Monday, is the boldest move yet by AstraZeneca Chief Executive David Brennan as he seeks to bolster the company's drug portfolio following a series of product setbacks.
MedImmune, one of the larger independent biotech companies in the United States, is best known as the maker of the nasal spray flu vaccine FluMist, but it also has two other marketed products, Synagis for infectious respiratory disease and Ethyol for reducing chemotherapy side effects.
It also has two late-stage products in development -- the next-generation follow-on to blockbuster Synagis and a refrigerated formulation of FluMist. and Synagis for infectious respiratory disease and Ethyol for reducing chemotherapy side effects.
It also has two late-stage products in development -- the next-generation follow-on to blockbuster Synagis and a refrigerated formulation of FluMist.
Analysts said the deal made long-term sense and would boost AstraZeneca's presence in biological medicines and vaccines -- two of the fastest-growing areas of drug research
The all cash deal suggests that Astra Zeneca plans to streamline and right size MedImmune operations and staff. I think anyone working in pharm or biotech better begin to think about updating their resumes as consolidation in the industry continues.
Untill next time....
Good Luck and Good Job Hunting!!!!!!!!!!
synagis is a scam.
this stuff costs $4,500 PER SHOT! Even if your insurance covers part of it like ours -- 80/20 -- this drug can cause you to go broke! My wife and I are tapped out, our flex-plan money, GONE. This was NOT explained to us when we agreed to it after a tough hospital stay and a $200,000 hospital bill. Oh, and btw, this expensive snake oil isn't a vaccine -- it does not prevent RSV, they just claim that it lessens the bad effects. Oh, and BTW, it's FREE if you're on medicaid or welfare -- how effed-up is this?