Alexion to buy biopharmaceutical firm Portola in $1.41bn deal

Alexion Pharmaceuticals has signed an agreement to acquire commercial-stage biopharmaceutical company Portola in a deal valued at around $1.41bn.

Based in South San Francisco of California, Portola is engaged in the discovery, development and commercialisation of novel therapeutics for thrombosis and other haematologic conditions.

The company’s commercialised medicine Andexxa [coagulation factor Xa (recombinant), inactivated-zhzo], sold as Ondexxya in Europe, is claimed to be the first and only approved Factor Xa inhibitor reversal agent.

Portola is also focused on the advancement of cerdulatinib, a SYK/JAK inhibitor being developed to treat haematologic cancers.

Portola president and CEO Scott Garland said: “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.”

As per terms of the deal, Alexion’s subsidiary will begin a tender offer to purchase all of the outstanding shares of Portola’s common stock at a price of $18 per share in cash.

Alexion will also acquire cash currently on Portola’s balance sheet, net of debt of around $215m that will become due upon closing, as part of the deal. The cash and short-term investments were around $430m, as of 30 December 2019.

Subject to customary conditions, the deal is expected to be completed in the third quarter of this year.

RBC Capital Markets acted as exclusive financial advisor to Alexion, while Centerview Partners served as exclusive financial advisor to Portola. Cooley acted as a legal advisor to Portola.

Alexion CEO Dr Ludwig Hantson said: “The acquisition of Portola represents an important next step in our strategy to diversify beyond C5.

“Andexxa is a strategic fit with our existing portfolio of transformative medicines and is well-aligned with our demonstrated expertise in haematology, neurology and critical care.”

In January this year, Alexion Pharmaceuticals completed the acquisition of clinical-stage biopharmaceutical company Achillion Pharmaceuticals for around $930m.

Achillion is mainly focused on the advancement of its oral small molecule complement inhibitors into late-stage development and commercialisation.

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