From Earlier: AstraZeneca to Acquire Ardea Biosciences for $1.26B Including Lead Product Lesinurad in Phase III Development for Gout
AstraZeneca (NYSE: AZN) and Ardea Biosciences, Inc. (NASDAQ: RDEA) 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. 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.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.