Treating rare diseases

Alexion develops drugs for rare diseases and also creates monoclonal antibodies. They have been attracting more attention recently as some have started using them to treat COVID-19

Anglo-Swedish pharmaceutical company AstraZeneca will buy US pharmaceutical firm Alexion Pharmaceuticals for $39bn, according to a statement on AstraZeneca's website.

The deal has been approved by the management of both companies. It now needs regulatory approval and shareholder approval.

The deal is scheduled to close in the third quarter of 2021. As a result, Alexion shareholders will receive approximately 15% of the combined company.

Alexion develops drugs to treat complex and rare diseases in the fields of nephrology, neurology, metabolism, oncology and haematology. In particular, it creates monoclonal antibodies that are injected into patients to target the body's response to foreign antigens.

Monoclonal antibodies have attracted more attention recently as two such drugs, manufactured by pharmaceutical companies Eli Lilly Company and Regeneron Pharmaceuticals, have been approved for use in the US for the treatment of coronavirus, Bloomberg reports.