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May 5, 2020

Alexion to acquire CA biotech for $1.4B in latest deal

PHOTO | Contributed Alexion, AstraZeneca Rare Disease's research facility at 100 College St. in New Haven.
By Natalie Missakian

Alexion Pharmaceuticals continued its buying spree on Tuesday, announcing a $1.4 billion deal to acquire a South San Francisco biotechnology company that specializes in blood-related disorder treatments.

Boston-based Alexion, which has a large New Haven research presence, said it will acquire Portola Pharmaceuticals in an all-cash deal for $18 per share. Portola’s stock closed Monday at $7.76 per share.

The acquisition gives Alexion control of Portola’s Andexxa, which can quickly reverse the blood-thinning effects of two drugs known as Factor Xa inhibitors in patients experiencing life-threatening bleeds while taking the medication.

The deal follows Alexion’s $930 million purchase of fellow New Haven-born biotech Achillion Pharmaceuticals in January, as the drugmaker seeks to lessen its dependence on its chief money-maker, Soliris. The blockbuster drug, which treats rare blood disorders by inhibiting the immune protein C5, has faced patent challenges in recent years.

Alexion also acquired Swedish biopharma Wilson Pharmaceuticals and fellow Boston-based startup Syntimmune in 2018, for $855 million and $1.2 billion, respectively.

“The acquisition of Portola represents an important next step in our strategy to diversify beyond C5,” Alexion CEO Ludwig Hantson said in a statement. “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.”

Approved by the FDA in 2018, Andexxa generated sales of $111.5 million last year, according to Reuters. But the bioscience trade publication Endpoints News said the drug had failed to realize its revenue potential. 

“Given their enhanced resources, global footprint and proven commercial expertise, we look forward to working with Alexion to maximize the value of Andexxa,” Portola President and CEO Scott Garland said in a statement Tuesday. “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.”

Alexion said its board, and Portola’s, approved the deal unanimously. It is expected to close during the third quarter of this year, subject to customary closing conditions. 

Contact Natalie Missakian at news@newhavenbiz.com.

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