AstraZeneca Buys Ardea Biosciences For $1.26 Billion/$32 A Share

Global, innovation-driven biopharmaceutical business AstraZeneca PLC (AZN) said Monday it and Ardea Biosciences, Inc. (RDEA) have entered into a definitive merger agreement, for AstraZeneca to buy Ardea for $1.26 billion, including existing cash.

MAIN FACTS:

-AstraZeneca is buying the San Diego, California-based biotechnology company focused on the development of small-molecule therapeutics for $32 per share, a premium on the value of Ardea's stock of 50% based on the one month volume-weighted average price and 54% based on the closing price on April 20.

-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.

-Filings for a New Drug Application, or NDA, in the U.S. and a Marketing Authorization Application, MAA, in the E.U. are planned for the first half of 2014.

-AstraZeneca also plans to develop and commercialize lesinurad in China and Japan.

-AstraZeneca will supplement Ardea's existing capabilities to progress lesinurad Phase III development program and regulatory submissions. The company will seek to absorb the further development costs of the Ardea compounds in its existing R&D program.

-Transaction is expected to close in the second or third quarter of 2012.

-AstraZeneca shares closed Friday at 2867 pence valuing the company at GBP36.45 billion.

-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com

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