2007年英国阿斯利康同意以156亿美元收购美国MedImmune

 

【MarketWatch伦敦2007年4月23日讯】周一，经历了一系列产品研发挫折的制药商阿斯利康(AstraZeneca)宣布，同意以156亿美元的价格收购美国生物制药公司MedImmune。此前，MedImmune的主要投资人卡尔-伊坎(Carl Icahn)已向公司施加了很大压力，要求将MedImmune出售。

　　双方的协议规定阿斯利康(AZN)以每股58美元的价格收购MedImmune(MEDI)的股票。这一交易将使英国-瑞典跨国制药巨头阿斯利康增加45个药物研发项目。不计来自MedImmune的3亿4000万美元现金，阿斯利康本次收购的净值为152亿美元。

　　与总部位于马里兰州Gaithersburg的MedImmune两周前决定将公司出售时的市值相比，阿斯利康本次报价的溢价比为53%。

　　熊士坦证券的分析师亚历克桑德拉-侯博(Alexandra Hauber)表示，阿斯利康的出价很高，可能不会出现竞购性报价。

　　截至周一美东夏令时上午10:41，在纳斯达克上市的MedImmune股票上涨18%，至56.57美元；阿斯利康在美上市的股票下跌4.3%，至56.49美元。

　　市场传言可能收购MedImmune的大型制药商还有礼来公司(LLY)、惠氏制药(WYE)、葛兰素-史克(GSK)和默克制药(MRK)。

　　MedImmune的股东伊坎已发出威胁，如果公司不能找到一位买家，他将发起一场委托书争夺战。

　　2006年营收为13亿美元的MedImmune已经与阿斯利康达成如下协议：如果MedImmune在某些条件下接受对己更为有利的竞购报价，MedImmune将支付给阿斯利康4亿5000万美元的分手费。

　　MedImmune主要药品资产包括Numax和FluMist的一种冷冻配方。Numax是针对婴儿呼吸道感染的抗体Synagis的新一代后继性产品，而FluMist的新配方预定在2007-08年美国流感高发期推出。

　　阿斯利康表示，将把MedImmune与自己不久前收购的Cambridge抗体科技公司整合在一起，组建一个完备的综合性生物技术和疫苗业务部门。

　　药物研发方面的挫折

　　周一，阿斯利康又公布了一个研发项目失败的消息，公司终止了与AtheroGenics(AGIX)达成的特许和合作协议并为此蒙受8300万美元的损失。

　　不久前，阿斯利康一种候选的心脏病药物AGI-1067在一项第三阶段试验中未取得公司预期的结果。

　　此外，阿斯利康还同意停止一种血栓症药物AZD9684的开发，同时终止了与Avanir制药公司(AVNR)达成的生产“逆转胆固醇传输”药物成份的协议。

　　阿斯利康在血液稀释剂Exanta、肺癌药物Iressa、糖尿病药物Galida和中风药物NXY-059的研发上也遭遇了重大挫折。

　　阿斯利康预计收购MedImmune将增加2009年的现金盈利。熊士坦分析师侯博预计，阿斯利康2009年的盈利将因此而增加3.1%，2012年的每股盈利将增长4.8%。

　　阿斯利康预计，至2009年时本次收购将产生5亿美元的协同效益。阿斯利康的首席财务官乔恩-西蒙玆(Jon Symonds)表示，两家公司的肿瘤业务销售团队和医疗项目存在部分重叠，避免不必要的开支也可为公司节省一些资金。

　　MedImmune的首席执行官戴维-莫特(David Mott)将担任合并后新公司的一个“领导”职务。

　　他在一份声明中写道：“对我来说，综合利用MedImmune、阿斯利康、Cambridge抗体科技的技术和能力以及将我们合并后形成的世界级生物科技实力提高至一个新的水平是一件令人兴奋的工作，也是我个人将全力应对的一个挑战。”

　　财报无出人意料之处

　　阿斯利康已公布第一财季的业绩报告：盈利增长10%，至15亿6000万美元，销售额成长13%，至69亿7000万美元。该公司指出，目前的业绩发展势头与公司年初设立的财政目标是一致的。

　　今晨阿斯利康宣布，仍计划在2007年回购价值40亿美元的股票，公司的派息政策保持不变。

　　但是，目前市场人士有一种担心：随着债务负担的增长，阿斯利康未来的股票回购行动不会太积极。

　　西蒙玆表示：“与债务的绝对数量相比，我认为信用评级将更大地限制公司回购股票。”
 AstraZeneca to buy MedImmune for $15.6 billion
LONDON (MarketWatch) -- After a series of product-pipeline setbacks, drugmaker AstraZeneca on Monday said it has entered into a definitive agreement to buy U.S. vaccine maker MedImmune Inc. for $15.6 billion in cash.

News of the deal comes only about two weeks after MedImmune, under pressure from shareholders, announced it was seeking a buyer. MedImmune's stock price has been lagging in recent months due in part to its maturing product line.

Last week, activist investor Carl Icahn, who recently bought shares of MedImmune, said that he might pursue a proxy battle at the company's next annual meeting if a buyer was not soon found.

Under the terms of the deal, AstraZeneca /quotes/comstock/13*!azn/quotes/nls/azn (AZN 45.29, +0.16, +0.35%) /quotes/comstock/23s!a:azn (UK:AZN 2,934, -0.50, -0.02%) has agreed to pay $58 a share for MedImmune, /quotes/comstock/23s!a:azn (UK:AZN 2,934, -0.50, -0.02%) or a 53% premium over MedImmune's stock price right before it announced it was putting itself on the block. Incorporating $340 million cash from MedImmune, AstraZeneca would be paying a net $15.2 billion.

The deal, which has already won unanimous support from MedImmune's board, is expected to close in June 2007, AstraZeneca said.

Once consummated, the deal would allow AstraZeneca to join the ranks of other major European vaccine makers, including GlaxoSmithKline /quotes/comstock/13*!gsk/quotes/nls/gsk (GSK 39.13, -0.07, -0.18%) , Sanofi-Aventis /quotes/comstock/13*!sny/quotes/nls/sny (SNY 37.49, +0.12, +0.32%) and Novartis AG /quotes/comstock/13*!nvs/quotes/nls/nvs (NVS 53.48, +0.37, +0.70%) . The merger would also allow AstraZeneca to significantly expand its biotechnology operations.

AstraZeneca said it plans to combine MedImmune with another recent acquisition, Cambridge Antibody Technology, to create a fully integrated biologics and vaccine business.

Alexandra Hauber, an analyst at Bear Stearns, said the price tag was "steep" and may prevent rival bids.

In afternoon trading, MedImmune shares jumped 18% to $56.67, while AstraZeneca shares fell 5% to $55.85.

Eli Lilly & Co., /quotes/comstock/13*!lly/quotes/nls/lly (LLY 36.57, -0.27, -0.73%) Wyeth, /quotes/comstock/13*!pfe/quotes/nls/pfe (PFE 17.29, +0.04, +0.23%) GlaxoSmithKline /quotes/comstock/13*!gsk/quotes/nls/gsk (GSK 39.13, -0.07, -0.18%) and Merck & Co. /quotes/comstock/13*!mrk/quotes/nls/mrk (MRK 36.85, -0.12, -0.32%) were among other companies said to be potential buyers for MedImmune, according to various reports.

MedImmune already has three successful biologic products on the market, including FluMist, a nasally administered vaccine for seasonal flu, and Synagis, a pediatric vaccine against the respiratory virus RSV. The company also has been working on a follow-up product to Synagis, called Numax, along with several other vaccines and anti-cancer agents. A more easily stored formulation of FluMist is expected to hit the market for the 2007-08 flu season.

Merck and GlaxoSmithKline already market vaccines for a variety of illnesses, while Wyeth sells the widely prescribed pediatric vaccine Prevnar. Although not currently in the vaccine business, Lilly does market the cancer drugs Gemzar and Alimta.

MedImmune, which generated $1.3 billion in revenue in 2006, has agreed to pay AstraZeneca a termination fee of $450 million in certain circumstances if it agrees to a more favorable rival offer.

Pipeline setbacks
On Monday, AstraZeneca also terminated a licensing-and-collaboration agreement with AtheroGenics after a recent Phase III trial of AGI-1067, a cardiovascular drug being developed by the two, yielded disappointing results.

AstraZeneca also agreed to halt development of AZD9684, a thrombosis drug, and it ended a pact with Avanir Pharmaceuticals /quotes/comstock/15*!avnr/quotes/nls/avnr (AVNR 3.17, -0.10, -3.06%) to make "reverse cholesterol transport" compounds.

AstraZeneca's recent high-profile failures have included blood thinner Exanta, lung-cancer drug Iressa, diabetes drug Galida and stroke drug NXY-059.