Ardea Biosciences: Shareholders Should Tender To AstraZeneca's Bid
By Robert Broens: Shares of Ardea Biosciences (RDEA) closed the first trading day of the week 52% higher closing at $31.62 after AstraZeneca PLC announced it has reached an agreement to acquire the company.
AstraZeneca PLC (AZN) has entered into a definitive merger agreement (acquisition) of Ardea Biosciences. The California based biotechnology company which focuses on the development of small molecule therapeutics will be acquired by AstraZeneca for $32 per share, a 54% premium compared to yesterday's closing price. The total consideration of the deal amounts to $1.26 billion.Ardea's key product "lesunirad" is currently in a Phase III development as a potential drug for chronic management of hyperuricaemia. The transaction is expected to close in the second or third quarter of 2012.Shares of AstraZeneca fell 1.5% in response to the takeover news and on the general poor sentiment across global equity markets.
Ardea Biosciences ended its fiscal yearComplete Story »