(Reuters) – Drugmaker Alexion Pharmaceuticals Inc on Tuesday agreed to buy Portola Pharmaceuticals Inc in a deal that values its smaller rival at $1.41 billion to gain access to a treatment for reversing the effects of blood thinners.
Alexion will pay $18 per Portola share in cash, a premium of 132% to Portola’s last closing price, the companies said. Portola’s shares have fallen 68% in 2020 through Monday’s close.
The treatment, Andexxa, was approved in the United States in 2018 and had brought in sales of $111.5 million in 2019.
Alexion, which has been fighting to maintain its leadership in treating certain rare blood disorders, has embarked on a string of acquisitions to boost its pipeline of rare disease drugs.
Last year, Andexxa bought Achillion Pharmaceuticals Inc for $930 million to gain access to its rare blood disorder experimental treatments.
(Reporting by Manas Mishra in Bengaluru; Editing by Shinjini Ganguli and Amy Caren Daniel)