AstraZeneca reported Friday the completion of its acquisition of Omthera Pharmaceuticals, gaining the latter's omega-3 free fatty acid composition Epanova. Under the deal, which was announced in May, AstraZeneca acquired all outstanding Omthera common stock for $12.70 per share, or approximately $323 million.
Omthera shareholders approved the acquisition, under which shareholders are also eligible to receive one contingent value right of as much as about $4.70 per share if certain milestones related to Epanova are met, earlier this week. Omthera recently submitted Epanova for FDA approval for patients with severe hypertriglyceridaemia (for related analysis, see Physician Views Poll Results – Cardiologists keen to broaden usage of prescription fish oil treatments for dyslipidaemia as competition in market intensifies via AstraZeneca's acquisition of Omthera).
Since appointing Pascal Soriot CEO in August last year, AstraZeneca has pursued several acquisitions in line with its previously announced strategy of narrowing the company's research focus. In May, the drugmaker boosted its respiratory portfolio with a $1.15-billion deal to buy Pearl Therapeutics, while the drugmaker added a cardiovascular therapy to its pipeline in the April acquisition of AlphaCore Pharma. For related analysis, read ViewPoints: Flurry of AstraZeneca deals continue as Soriot banks on company's past experience.
To read more Top Story articles, click here.