Alexion to acquire Synageva

Synageva BioPharma Corp. (NASDAQ:GEVA) soared $107.52 (112%) to $203.39 on news that Alexion Pharmaceuticals Inc. (NASDAQ:ALXN) will acquire the company for $115 in cash and 0.6581 Alexion shares per Synageva share, or about $9 billion ($8.4 billion net of cash) based on Alexion's Tuesday close. The offer is more than twice Synageva's market cap of $3.8 billion at market close Tuesday, before the deal was announced.

The deal gives Alexion Kanuma seblipase alfa, a recombinant human lysosomal acid lipase (LAL) enzyme replacement therapy (ERT) under Priority Review by FDA and accelerated assessment by EMA to treat LAL deficiency. Its PDUFA date is Sept. 8. Alexion expects a decision in the EU next half. ...