AstraZeneca to Acquire Ardea Biosciences FOR $1 BILLION (NET OF EXISTING CASH) Including LEAD PRODUCT lesinurad IN Phase III DEVELOPMENT FOR GOUT
AstraZeneca and Ardea Biosciences, Inc. (Ardea) today announced that they have entered into a definitive merger agreement, pursuant to which AstraZeneca will acquire Ardea, a San Diego, California-based biotechnology company focused on the development of small-molecule therapeutics. Ardea's clinically most advanced product candidate, lesinurad (formerly known as RDEA594), is currently in Phase III development as a potential treatment for the chronic management of hyperuricaemia in patients with gout.
Under the terms of the agreement, AstraZeneca will acquire Ardea for $32 per share which represents a total cash value of approximately $1.26 billion, including existing cash. This represents a premium on the value of Ardea's stock of 50% based on the one month volume-weighted average price (VWAP) and 54% based on the closing price on Friday, 20 April 2012.
