Alexion to Acquire Portola

Alexion, a biopharmaceutical company located in Boston, MA, announced on May 5, 2020 that it is acquiring Portola Pharmaceuticals, a San Francisco, CA-based commercial-stage biopharmaceutical company,.

Through the agreement, a subsidiary of Alexion will tender an offer to acquire all outstanding shares of Portola’s common stock at $18 per share in cash, according to an Alexion press release. Published reports have stated that the deal is worth $1.41 billion. The acquisition includes approximately $215 million in debt currently on Portola’s balance sheet. The transaction is set to close during the third quarter of 2020.

The collaboration will add diversity to Alexion’s commercial portfolio and will give the company access to Portola’s commercialized medicine, Andexxa (coagulation factor Xa [recombinant], inactivated-zhzo), an agent that aids in reversing the anticoagulant effects of Factor Xa inhibitors, rivaroxaban and apixaban, in severe and uncontrolled bleeding, the press release said.

“The acquisition of Portola represents an important next step in our strategy to diversify beyond C5. 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,” said Ludwig Hantson, PhD, CEO of Alexion, in the press release. “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. By leveraging Alexion’s strong operational and sales infrastructure and deep relationships in hospital channels, we are well positioned to expand the number of patients helped by Andexxa, while also driving value for shareholders.”

“In developing and launching Andexxa, Portola has established a strong foundation for changing the standard of care for patients receiving Factor Xa inhibitors that experience a major, life-threatening bleed. Andexxa rapidly reverses the pharmacologic effect of rivaroxaban and apixaban within two minutes, reducing anti-Factor Xa activity by 92%,” added Scott Garland, president and CEO of Portola, in the press release. “Given their enhanced resources, global footprint, and proven commercial expertise, we look forward to working with Alexion to maximize the value of Andexxa. With their commitment to commercial excellence, together, we will be able to drive stronger utilization of Andexxa, increase penetration and accelerate adoption in the critical care setting.”

Source: Alexion