Portola’s commercialized medicine, Andexxa®, is the first and only approved Factor Xa inhibitor reversal agent “The acquisition of Portola represents an important next step in our strategy to diversify. As part of the acquisition, Alexion will also be acquiring cash currently on Portola’s balance sheet, net of debt of approximately $215 million that will become due upon closing. As the global leader in complement biology and inhibition for more than 20 years, Alexion has developed and commercializes two approved complement inhibitors to treat patients with paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS), as well as the first and only approved complement inhibitor to treat anti-acetylcholine receptor (AchR) antibody-positive generalized myasthenia gravis (gMG) and neuromyelitis optica spectrum disorder (NMOSD). Andexxa is a strategic fit with our existing portfolio of transformative medicines and is well-aligned with our demonstrated expertise in hematology, neurology and critical care.”. Under the terms of the merger agreement, a subsidiary of Alexion will commence a tender offer to acquire all of the outstanding shares of Portola's common stock at … Headquartered in Boston, Massachusetts, Alexion has offices around the globe and serves patients in more than 50 countries. Portola’s two commercialized products are Andexxa, which is marketed in Europe as Ondexxya and Bevyxxa. GAAP net loss was $72.4 million, or $0.38 per share, compared to, Shares of The Wendy’s Company (NASDAQ: WEN) have gained 30% over the past 12 months. Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) and Portola Pharmaceuticals, Inc. (NASDAQ:PTLA) announced today that they have entered into a definitive merger agreement for Alexion to acquire Portola, a commercial-stage biopharmaceutical company focused … Portola’s Andexxa drug is used in the major and life-threatening bleeds including gastrointestinal and intracranial hemorrhage and it has got a strong patent and regulatory exclusivity through 2030 in the US and 2028 in the European Union. Portola’s lead commercial product is Andexxa [coagulation factor Xa (recombinant), inactivated-zhzo], marketed as Ondexxya in Europe, a Factor Xa … The actual amounts will be determined as of the transaction close. Alexion to Acquire Portola Details Category: More News Published on Tuesday, 05 May 2020 18:49 Hits: 775 – Expands and diversifies Alexion’s hematology, neurology and critical care commercial portfolio with transformative Factor Xa inhibitor reversal agent – – Conference call and webcast scheduled for today, May 5, at 8:00 a.m. Megan Goulart, 857-338-8634 Emily Faucette, Media@portola.com, Investors * ALEXION PHARMACEUTICALS INC - ALEXION WILL ALSO BE ACQUIRING CASH CURRENTLY ON PORTOLA’S BALANCE SHEET, NET OF DEBT OF APPROXIMATELY $215 MILLION Source text for Eikon: Further company coverage: ET to discuss the acquisition. Alexion acquisition of Portola : Alexion Pharmaceuticals has agreed to acquire Portola Pharmaceuticals, a commercial-stage biopharma company focused on … The transaction is expected to close in the third quarter of 2020. Founded in 2003 in South San Francisco, California, Portola has operations in the United States and Europe. While Portola shares jumped more than 130% in the pre-market session, Alexion shares dropped about 5%. Under the terms of the agreement, Alexion’s subsidiary will initiate a tender offer to acquire all... Acquisition rationale. Alexion Pharmaceuticals, Inc. and Portola Pharmaceuticals, Inc. announced today that they have entered into a definitive merger agreement for Alexion to acquire Portola at $18 per share in cash. Portola also is advancing cerdulatinib, a SYK/JAK inhibitor being developed for the treatment of hematologic cancers. ET. The merger agreement has been unanimously approved by the boards of Alexion and Portola. As such, forward-looking statements are not guarantees of future performance and involve inherent risks and uncertainties that are difficult to predict. This website is intended only for residents of the United States. This announcement is for informational purposes only and does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Portola common stock. Alexion will fund the transaction with cash on hand. Under the terms of the agreement, Alexion’s subsidiary will initiate a tender offer to acquire all of the outstanding shares of Portola’s common stock at a price of $18 per share in cash. Centerview Partners served as Portola’s exclusive financial advisor. Under terms of the deal, Alexion will acquire Portola’s stock at $18 per share. View the full release here: https://www.businesswire.com/news/home/20200505005333/en/, “The acquisition of Portola represents an important next step in our strategy to diversify beyond C5. As part of the acquisition, Alexion will also be acquiring cash currently on Portola’s balance sheet, net of debt of approximately $215 million that will become due upon closing. Please refer to full Prescribing Information for more information, including Boxed Warning, at www.Andexxa.com. – Expands and diversifies Alexion’s hematology, neurology and critical care commercial portfolio with transformative Factor Xa inhibitor reversal agent –, – Conference call and webcast scheduled for today, May 5, at 8:00 a.m. View source version on businesswire.com: https://www.businesswire.com/news/home/20200505005333/en/, Alexion: The acquisition will add near-term diversification to Alexion’s commercial portfolio and provides the opportunity to apply the company’s demonstrated global commercial excellence to create long-term value for patients and shareholders. As part of the acquisition, Alexion will also be acquiring cash currently on Portola’s balance sheet, net of debt of approximately $215 million that will become due upon closing. For Alexion, the acquisition of Portola comes about six months after the company’s board of directors rejected a large stakeholder’s call for a sale. Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) and Portola Pharmaceuticals, Inc. (NASDAQ:PTLA) announced today that they have entered into a definitive merger agreement for Alexion to acquire Portola, a commercial-stage biopharmaceutical company focused on life-threatening blood-related disorders. As of December 31, 2019, cash and short-term investments were approximately $430 million. By using our website, you agree to our use of cookies in accordance with our. In premarket trading, the stock has risen to nearly $18. Investors and security holders are urged to read these materials (including an Offer to Purchase, a related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time) carefully when they become available since they will contain important information that investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. The most frequently reported adverse reactions in clinical trials in healthy subjects with Andexxa were mild or moderate infusion-related reactions comprising symptoms such as flushing and feeling hot (very common), and cough, dysgeusia, and dyspnea (common). RBC Capital Markets, LLC served as Alexion’s exclusive financial advisor. © 2021 Alexion Pharmaceuticals, Inc. Chris Stevo, 857-338-9309 As of December 31, 2019, cash and short-term investments were approximately $430 million. Alexion will fund this deal, which is targeted to close in the third quarter of 2020, with the cash on hand. Cooley LLP served as Portola’s legal advisor. “We believe Andexxa has the potential to become the global standard of care for patients who experience life-threatening bleeds while taking Factor Xa inhibitors apixaban and rivaroxaban. To participate in this call, dial (866) 762-3111 (USA) or (210) 874-7712 (International), passcode 5689520, shortly before 8:00 a.m. Takeda Signs an Exclusive License Agreement with Ovid for Soticlestat to Treat Dravet Syndrome and Lennox-Gastaut Syndrome The audio webcast can be accessed on the Investors page of Alexion’s website at: http://ir.alexion.com. The tender offer is subject to customary conditions, including the tender of a majority of the outstanding shares of Portola common stock, the expiration or termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976 and receipt of certain other regulatory approvals. Portola is scheduled to report its first quarter 2020 results on Monday, May 11, 2020. Alexion also has two highly innovative enzyme replacement therapies for patients with life-threatening and ultra-rare metabolic disorders, hypophosphatasia (HPP) and lysosomal acid lipase deficiency (LAL-D). Wall Street expects Alexion to earn $2.71 per share on revenue of $1.36 billion for the to-be-reported quarter. Portola closed Monday at $7.76 per share. Important Additional Information and Where to Find It. The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials will be filed with the SEC, and investors and security holders may obtain a free copy of these materials (when available) and other documents filed by Alexion and Portola with the SEC at the website maintained by the SEC at www.sec.gov. Alexion Pharmaceuticals is making a significant acquisition utilizing its portfolio of cash. Forward-looking statements include, among other things, statements related to the proposed acquisition of Portola by Alexion, including: that the acquisition would add near-term diversification to Alexion’s commercial portfolio; that the acquisition provides the opportunity to apply Alexion’s demonstrated global commercial excellence to create long-term value for patients and shareholders; Alexion’s belief that Andexxa has the potential to become the global standard of care for patients who experience life-threatening bleeds while taking Factor Xa inhibitors apixaban and rivaroxaban; that Alexion is well positioned to expand the number of patients helped by Andexxa, while also driving value for shareholders; that Alexion can drive stronger utilization of Andexxa, increase penetration and accelerate adoption in the critical care setting; and the expectation that the transaction will close in the third quarter of 2020. As a result, a number of important factors could cause actual results to differ materially from those indicated by such forward-looking statements, including: the risk that the proposed acquisition of Portola by Alexion may not be completed; the possibility that competing offers or acquisition proposals for Portola will be made; the delay or failure of the tender offer conditions to be satisfied (or waived), including insufficient shares of Portola common stock being tendered in the tender offer; the failure (or delay) to receive the required regulatory approvals of the proposed acquisition; the possibility that prior to the completion of the transactions contemplated by the acquisition agreement, Alexion’s or Portola’s business may experience significant disruptions due to transaction-related uncertainty; the occurrence of any event, change or other circumstance that could give rise to the termination of the acquisition agreement; the risk that stockholder litigation in connection with the proposed transaction may result in significant costs of defense, indemnification and liability; the failure of the closing conditions set forth in the acquisition agreement to be satisfied (or waived); the anticipated benefits Andexxa and other Portola therapies not being realized, including the result of delays or failure to obtain regulatory approval and failure to attain sales targets; the Phase 4 study regarding Andexxa does not meet its designated endpoints and/or is not deemed safe and effective by the FDA or other regulatory agencies (and commercial sales are prohibited or limited); future clinical trials of Portola products not proving that the therapies are safe and effective to the level required by regulators; anticipated Andexxa sales targets are not satisfied; Andexxa does not gain acceptance among physicians, payers and patients; potential future competition by other Factor Xa inhibitor reversal agents; decisions of regulatory authorities regarding the adequacy of the research and clinical tests, marketing approval or material limitations on the marketing of Portola products; delays or failure of product candidates or label extension of existing products to obtain regulatory approval; delays or the inability to launch product candidates (including products with label extensions) due to regulatory restrictions; unanticipated expenses; interruptions or failures in the manufacture and supply of products and product candidates; failure to satisfactorily address matters raised by the FDA and other regulatory agencies; the possibility that results of clinical trials are not predictive of safety and efficacy results of products in broader patient populations; the possibility that clinical trials of product candidates could be delayed or terminated prior to completion for a number of reasons; the adequacy of pharmacovigilance and drug safety reporting processes; the impact of the COVID-19 pandemic on Alexion’s and Portola’s business operations, including sales, clinical trials, operations and supply chain; and a variety of other risks set forth from time to time in Alexion's or Portola’s filings with the SEC, including but not limited to the risks discussed in Alexion's Annual Report on Form 10-K for the year ended December 31, 2019 and in its other filings with the SEC and the risks discussed in Portola’s Annual Report on Form 10-K for the year ended December 31, 2019 and in its other filings with the SEC.