Under the terms of the agreement, Alexion’s subsidiary will initiate a tender offer to acquire all of the outstanding shares of Portola’s common stock at a price of $18 per share in cash. Headquartered in Boston, Massachusetts, Alexion has offices around the globe and serves patients in more than 50 countries. Andexxa® [coagulation factor Xa (recombinant), inactivated-zhzo] is a recombinant modified human factor Xa (FXa) protein indicated for patients treated with rivaroxaban or apixaban, when reversal of anticoagulation is needed due to life-threatening or uncontrolled bleeding. Alexion will fund this deal, which is targeted to close in the third quarter of 2020, with the cash on hand. The merger agreement has been unanimously approved by the boards of Alexion and Portola. As of December 31, 2019, cash and short-term investments were approximately $430 million. With Alexion’s strong global footprint, Portola expects Andexxa will have stronger utilization, increased penetration, and accelerated adoption. ET –. Alexion Pharmaceuticals, (NASDAQ: ALXN) and Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) reported entry into a definitive merger agreement for Alexion to acquire Portola. Important Additional Information and Where to Find It. As part of the acquisition, Alexion will also be acquiring cash currently on Portola’s balance sheet, net of debt of approximately $215 million that will become due upon closing. The company, © 2020 AlphaStreet Inc. All Rights Reserved, Key highlights from DocuSign (DOCU) Q4 2021 earnings results, The Wendy’s Co. (WEN): Three pillars for growth over the long-term, MongoDB’s disruptive biz model can drive long-term growth. Alexion will fund the transaction with cash on hand. Under the terms of the merger agreement, a subsidiary of Alexion will commence a tender offer to acquire all of the outstanding shares of Portola's common stock at … Investors and security holders may also obtain free copies of the Solicitation/Recommendation Statement and other documents filed with the SEC by Portola at https://investors.portola.com/sec-filings. Chris Stevo, 857-338-9309 Portola’s commercialized medicine, Andexxa®, is the first and only approved Factor Xa inhibitor reversal agent “The acquisition of Portola represents an important next step in our strategy to diversify. View source version on businesswire.com: https://www.businesswire.com/news/home/20200505005333/en/, Alexion: By using our website, you agree to our use of cookies in accordance with our. Under terms of the deal, Alexion will acquire Portola’s stock at $18 per share. The Company's first two commercialized products are Andexxa® [coagulation factor Xa (recombinant), inactivated-zhzo], marketed in Europe as Ondexxya® (andexanet alfa), and Bevyxxa® (betrixaban). Megan Goulart, 857-338-8634 “The acquisition of Portola represents an important next step in our strategy to diversify beyond C5. Shares of Portola were up about 130% on the Nasdaq when markets opened Tuesday, while shares of Alexion were down 4.5%. Certain statements made in this press release, including any statements as to future results of operations and financial projections, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Investors and security holders are urged to read these materials (including an Offer to Purchase, a related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time) carefully when they become available since they will contain important information that investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. Alexion will host a conference call and webcast today, May 5, 2020 at 8:00 a.m. Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) and Portola Pharmaceuticals, Inc. (NASDAQ:PTLA) announced today that they have entered into a definitive merger agreement for Alexion to acquire Portola, a commercial-stage biopharmaceutical company focused … Portola’s Andexxa drug is used in the major and life-threatening bleeds including... Portola. Amongst bleeding patients, commonly reported side effects were ischemic stroke and pyrexia, with uncommon reported side effects of cerebral infarction, cerebrovascular accident, transient ischemic attack, acute myocardial infarction, cardiac arrest, myocardial infarction, deep vein thrombosis, iliac artery occlusion, pulmonary embolism. “Given their enhanced resources, global footprint and proven commercial expertise, we look forward to working with Alexion to maximize the value of Andexxa. The acquisition will add near-term diversification to Alexion’s commercial portfolio and provides the opportunity to apply the company’s demonstrated global commercial excellence to create long-term value for patients and shareholders. Media In addition, the Tender Offer Statement and other documents that Alexion and its acquisition subsidiary file with the SEC will be made available to all investors and security holders of Portola free of charge from the information agent for the tender offer. ET. Alexion also has two highly innovative enzyme replacement therapies for patients with life-threatening and ultra-rare metabolic disorders, hypophosphatasia (HPP) and lysosomal acid lipase deficiency (LAL-D). When the tender offer is completed, Alexion will buy back all remaining shares not tendered in the offer at the same price of $18 per share through a merger. “We believe Andexxa has the potential to become the global standard of care for patients who experience life-threatening bleeds while taking Factor Xa inhibitors apixaban and rivaroxaban. The Boston-based drugmaker is set to report its first quarter 2020 financial results tomorrow before the market opens. Alexion will acquire Portola, a California-based commercial-stage biopharmaceutical company focused on life-threatening blood-related disorders. That’s... Market Size. © 2021 Alexion Pharmaceuticals, Inc. Alexion will fund the transaction with cash on hand. Portola’s lead commercial product is Andexxa [coagulation factor Xa (recombinant), inactivated-zhzo], marketed as Ondexxya in Europe, a Factor Xa … In premarket trading, the stock has risen to nearly $18. © 2021 Alexion Pharmaceuticals, Inc. https://www.businesswire.com/news/home/20200505005333/en/, https://investors.portola.com/sec-filings. Alexion to acquire all shares of Portola’s common stock at $18/ share in cash with a premium of 132%. Wall Street expects Alexion to earn $2.71 per share on revenue of $1.36 billion for the to-be-reported quarter. Andexxa is a strategic fit with our existing portfolio of transformative medicines and is well-aligned with our demonstrated expertise in hematology, neurology and critical care.”. This website is intended only for residents of the United States. A replay of the call will be available for a limited period of time following the call. The audio webcast can be accessed on the Investors page of Alexion’s website at: http://ir.alexion.com. As of December 31, 2019, cash and short-term investments were approximately $430 million. Jennifer Zibuda, IR@portola.com. In addition, the company is developing several mid-to-late-stage therapies, including a copper-binding agent for Wilson disease, an anti-neonatal Fc receptor (FcRn) antibody for rare Immunoglobulin G (IgG)-mediated diseases and an oral Factor D inhibitor as well as several early-stage therapies, including one for light chain (AL) amyloidosis, a second oral Factor D inhibitor and a third complement inhibitor. Alexion To Acquire Portola - What That Means Acquisition Details. Alexion will fund the transaction with cash on hand. Portola’s Andexxa drug is used in the major and life-threatening bleeds including gastrointestinal and intracranial hemorrhage and it has got a strong patent and regulatory exclusivity through 2030 in the US and 2028 in the European Union. As part of the acquisition, Alexion will also be acquiring cash currently on Portola’s balance sheet, net of debt of approximately $215 million that will become due upon closing. As of December 31, 2019, cash and short-term investments were approximately $430 million. Portola closed Monday at $7.76 per share. In January 2020, Alexion completed the acquisition of Achillion which was acquired by Alexion for $930 million in the last year. Total revenue increased 57% year-over-year to $430.9 million. To participate in this call, dial (866) 762-3111 (USA) or (210) 874-7712 (International), passcode 5689520, shortly before 8:00 a.m. DocuSign (NASDAQ: DOCU) reported fourth quarter 2021 earnings results today. By buying Portola, Alexion is betting it can greatly increase sales of Portola's chief drug Andexxa, which is used to reverse the effects of popular blood thinning drugs like Xarelto and Eliquis. Under terms of the deal, Alexion will acquire Portola’s stock at $18 per share. Alexion Pharmaceuticals, Inc. and Portola Pharmaceuticals, Inc. announced today that they have entered into a definitive merger agreement for Alexion to acquire Portola, a commercial-stage biopharmaceutical company focused on life-threatening blood-related disorders. The company delivered 11% growth in revenue as well as a triple-digit growth in profits. Please refer to full Prescribing Information for more information, including Boxed Warning, at www.Andexxa.com. As of December 31, 2019, cash and short-term investments were approximately $430 million. Under terms of the deal, Alexion will acquire Portola’s stock at $18 per share. Boston-based Alexion Pharmaceuticals said Tuesday that it would spend $1.4 billion to acquire South San Francisco, California-based Portola Pharmaceuticals. With their commitment to commercial excellence, together, we will be able to drive stronger utilization of Andexxa, increase penetration and accelerate adoption in the critical care setting.”. BOSTON & SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--May 5, 2020-- Alexion Pharmaceuticals (NASDAQ: ALXN) announced today that it will be acquiring commercial-stage biopharmaceutical company Portola Pharmaceuticals (NASDAQ: PTLA) for an initial consideration of $1.44 billion or $18 per share. Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) and Portola Pharmaceuticals, Inc. (NASDAQ:PTLA) announced today that they have entered into a definitive merger agreement for Alexion to acquire Portola, a commercial-stage biopharmaceutical company focused on life-threatening blood-related disorders. Alexion to Acquire Portola Details Category: More News Published on Tuesday, 05 May 2020 18:49 Hits: 775 – Expands and diversifies Alexion’s hematology, neurology and critical care commercial portfolio with transformative Factor Xa inhibitor reversal agent – – Conference call and webcast scheduled for today, May 5, at 8:00 a.m. May 5, 2020 7:55AM EDT (RTTNews) - Alexion Pharmaceuticals, Inc. (ALXN) and Portola Pharmaceuticals, Inc. (PTLA) have entered into a definitive merger agreement for Alexion to acquire Portola, … Alexion will be acquiring cash currently on Portola’s balance sheet, net of debt of ~$215M that will become due upon closing. Senior Director, Corporate Communications, Investors Alexion and Portola disclaim any obligation to update any of these forward-looking statements to reflect events or circumstances after the date hereof, except when a duty arises under law. By leveraging Alexion’s strong operational and sales infrastructure and deep relationships in hospital channels, we are well positioned to expand the number of patients helped by Andexxa, while also driving value for shareholders.”, “In developing and launching Andexxa, Portola has established a strong foundation for changing the standard of care for patients receiving Factor Xa inhibitors that experience a major, life-threatening bleed. Under the terms of the agreement, Alexion’s subsidiary will initiate a tender offer to acquire all... Acquisition rationale. The most frequently reported adverse reactions in clinical trials in healthy subjects with Andexxa were mild or moderate infusion-related reactions comprising symptoms such as flushing and feeling hot (very common), and cough, dysgeusia, and dyspnea (common). Andexxa is a strategic fit with our existing portfolio of transformative medicines and is well-aligned with our demonstrated expertise in hematology, neurology and critical care,” said Ludwig Hantson, Ph.D., Chief Executive Officer of Alexion. This press release features multimedia. Based in Boston, Alexion markets four drugs for rare diseases. Under the terms of the merger agreement, a subsidiary of Alexion will commence a tender offer to acquire all of the outstanding shares of Portola’s common stock at a price of $18 per share in cash. In premarket trading, the stock has risen to nearly $18. Forward-looking statements are based on management’s current expectations, beliefs, estimates, projections and assumptions. The non-GAAP loss for the year narrowed to $198 million or $2.77 per share from the prior year’s loss of $274 million or $4.16 per share. Head of Investor Relations, Portola: In premarket trading, the stock has risen to nearly $18. The South San Francisco, California-based firm develops and markets drugs in the fields of thrombosis and other hematologic conditions. Portola closed Monday at $7.76 per share. Portola’s commercialized medicine, Andexxa ® [coagulation factor Xa (recombinant), … Alexion Pharmaceuticals Inc. agreed to buy Portola Pharmaceuticals Inc. for about $1.4 billion, in a deal the drugmaker expects will help it diversify after an activist investor pushed for changes. As part of the acquisition, Alexion will also be acquiring cash currently on Portola’s balance sheet, net of debt of approximately $215 million that will become due upon closing. This press release and further information about Alexion can be found at: www.alexion.com. RBC Capital Markets, LLC served as Alexion’s exclusive financial advisor. As such, forward-looking statements are not guarantees of future performance and involve inherent risks and uncertainties that are difficult to predict.
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