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Reuters
Alexion Pharmaceuticals has agreed to buy Sweden’s Wilson Therapeutics for 7.1 billion Swedish crowns ($855 million), boosting its line-up of rare disease drugs as a wave of deal-making in the biotechnology sector continues. The US group is acquiring the business through a cash tender offer worth 232 crowns per share, a premium of 70 percent compared to the closing share price on April 10.
Alexion was one of the stars of the biotech sector in the first half of this decade, but it has stumbled more recently following an exodus of top management and a sales practices scandal related to Soliris, its pricey rare disease treatment.
Adding Stockholm-based Wilson will give it a new portfolio of novel therapies to treat unusual copper-mediated disorders. The two companies said on Wednesday that investors holding a total of 73.4 percent of Wilson’s shares supported the takeover offer. The Swedish group’s main asset is WTX101, a medicine in final-stage Phase III trials for Wilson disease, a rare genetic condition that causes severe liver disease and serious neurological problems.
“The acquisition of Wilson Therapeutics is a strong strategic fit for Alexion given the overlap with our current clinical and commercial focus on metabolic and neurologic disorders, and is an important first step in rebuilding our clinical pipeline,†said Alexion Chief Executive Ludwig Hantson. WTX101 has secured fast-track designation in the United States, which should speed its path to market, and also has orphan drug status in both the US and Europe, which brings certain benefits.
There have been a slew of deals in the biotech sector this year as drugmakers turn to promising drugs from outside to boost sales growth. Highly priced and high-margin treatments for rare diseases have been a particular focus for such acquisitions.
Swiss drugmaker Novartis agreed to acquire gene therapy specialist AveXis for $8.7 billion, following similar multibillion-dollar deals by the likes of France’s Sanofi and US-based Celgene .
Japan’s Takeda Pharmaceutical, meanwhile, is considering a takeover bid for London-listed Shire. Alexion said its acquisition of Wilson was expected to close in the second quarter of 2018 and that it intended to finance the acquisition through cash on hand.