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AstraZeneca in major vaccine purchase

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10:52 CEST+02:00
Anglo-Swedish pharmaceuticals giant AstraZeneca on Monday said it has agreed to buy US biotechnology company MedImmune for $15.6 billion (105.4 billion kronor) in total.

"AstraZeneca today announced that it has entered into a definitive agreement to acquire MedImmune Inc. in an all-cash transaction," the group said in a statement to the London Stock Exchange.

"Under the terms of the agreement, which has unanimous MedImmune Board support, AstraZeneca will acquire all of the ... shares of MedImmune common stock at a price of 58 dollars per share, for a total consideration of approximately 15.6 billion dollars."

MedImmune is based in Maryland in the eastern United States and specialises in vaccines.

AstraZeneca, the third-biggest European drugs maker behind GlaxoSmithKline and Sanofi-Aventis, revealed that the deal was expected to complete in June 2007.

Cost savings from the acquisition were expected to be towards $500 million per year by 2009, the group added.

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