UK Competition Watchdog Probes AstraZeneca's $39B Alexion Takeover

The U.K. competition regulator is mulling over AstraZeneca Plc’s AZN $39 billion takeover taker of Alexion Pharmaceuticals Inc ALXN over competition concern.
The U.K.’s Competition and Markets Authority is starting the first phase of the probe today and said it should wrap it up by 21 July, deciding at that point whether to start a second, more in-depth appraisal of the deal.
Comments on the deal can be submitted up to 3 June.
“The commencement of the UK CMA’s formal review is another important step towards the closing of the proposed acquisition, which we continue to expect will be in the third quarter of 2021,” a representative for AstraZeneca said.
The U.S. Federal Trade Commission has already given the takeover the go-ahead in mid-April.
Earlier this month, both Alexion and AstraZeneca’s shareholders voted in favor of the deal.
AstraZeneca agreed to a deal for Alexion in December 2020 for $39 billion to boost its work on immunology.
The deal will see Alexion shareholders paid $175/share, including $60 in cash and 2.1243 American depositary shares, which each represent one-half of one ordinary AstraZeneca share.
Price Action: AZN shares are up 0.05% at $57.50 during the premarket session on the last check Tuesday. ALXN shares closed at $178.04 on Monday.