23 April 2007
23 April 2007 - AstraZeneca has today announced its recommended cash offer to acquire MedImmune, a U.S. biotech company. This transaction is worth $58 per share, totalling $15.2 billion. Mayer, Brown, Rowe & Maw is advising AstraZeneca on the antitrust aspects of the deal, led by EU & Competition partner Frances Murphy.
MedImmune is a world-leading biotechnology company with revenues for 2006 of $1.3 billion, profit before tax of $75 million and has gross assets of $3.0 billion. The combination of MedImmune and AstraZeneca's capabilities will enable AstraZeneca to deliver a greater number of new biologic products to benefit patients in AstraZeneca's prioritised disease areas.
The tender offer will be commenced within 10 working days and is expected to close in June 2007.
The Mayer, Brown, Rowe & Maw team is led by EU & Competition partner Frances Murphy, assisted by Clare Brown and Ilaria Filippi. Davis Polk & Wardwell, is advising AstraZeneca on the corporate and US HSR aspects to the transaction. Freshfields Bruckhaus Deringer provided corporate assistance to Davis Polk.
MedImmune is advised by Dewey Ballantine LLP.For further information:
+44 (0)20 7782 8200 Charlotte Ward
PR Manager, London
+44 20 7782 8547