Alexion executes

How Alexion's Synageva acquisition fulfills goals of 2011 strategy

The proposed acquisition of Synageva BioPharma Corp. is Alexion Pharmaceuticals Inc.'s biggest move to date under a four-year-old plan to diversify its portfolio.

The plan, announced in 2011, includes expanding Soliris eculizumab beyond paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS), building a translational research organization and acquiring assets for additional rare and severe disorders.

Synageva would be the fifth deal Alexion has done over the past four years to gain assets. But it is the biggest in deal value and the broadest in terms of the number of programs it would add to Alexion's pipeline (see "Alexion's Rare Finds," page 9).

On May 6, Alexion said it would acquire Synageva for $4.3 billion in cash and $4.7 billion in stock. The $9 billion offer, or $8.4 billion net of Synageva's cash, is more than double Synageva's market cap of $3.8 billion on May 5.

Synageva's Kanuma sebelipase alfa is under review in the U.S. and Europe and could launch this

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