AstraZeneca to buy respiratory vaccine developer Icosavax
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AstraZeneca (AZ) agreed on the purchase of the American biopharmaceutical company Icosavax, which is developing vaccines against respiratory viral diseases. The transaction amount could reach $1.1 billion.
Icosavax is developing a drug targeting human respiratory syncytial virus and human metapneumovirus. The first of them is the cause of pneumonia in children and the elderly, and the second is a cause of a number of similar respiratory infectious diseases.
As part of the deal, AstraZeneca will pay $800 million in cash as a base payment, purchasing all Icosavax shares at $15. If certain conditions and sales levels are achieved, AZ can pay an additional $5 for each share, which will cost the Anglo-Swedish company an additional $300 million. In this case, AZ will pay for Icosavax shares 91% above their market price at the close of trading on December 11.
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