AstraZeneca its tender offer for MedImmune stock was a “success,” clearing a major hurdle toward its purchase of the Gaithersburg-based drug manufacturer.
According to the British pharmaceutical giant, 230 million MedImmune shares ? about 96 of all MedImmune shares ? were tendered by the end of last week.
During a tender offer period, existing shareholders of a takeover target submit their shares to the company attempting the purchase. The purchaser then pays the shareholders for their shares.
By submitting nearly 100 percent of stock to AstraZeneca, MedImmune shareholders are effectively giving the takeover their seal of approval.
For this approval, shareholders will be well compensated. They each will receive $58 per share, over 50 percent more than the stock was worth before the takeover announcement.
The sale is expected to be complete by June 18.
This is the third hurdle cleared by AstraZeneca this week. On Wednesday, the Federal Trade Commission?s antitrust division approved the $15 billion sale. Also, on Thursday a Montgomery County Court dismissed a restraining order that would have delayed the deal.
MedImmune is best known for FluMist, its nasal spray flu vaccine.
