AstraZeneca completes Ardea takeover

20th Jun 2012 07:22

AstraZeneca said it had successfully completed its acquisition of California-based biotechnology company Ardea Biosciences.The pharmaceutical giant said the $1.2bn deal would strengthen its late-stage pipeline with the addition of lesinurad, which is aimed at patients with gout.Astra paid $32 per share, which at the time the takeover was announced was a 55% premium.At the time the deal completed the prices had equalised with Ardea shares changing hands at $31.96 at the close on Tuesday.With the takeover complete, each outstanding share of Ardea common stock has been cancelled and converted into the right to receive $32.00, in cash, without interest.Shares of Ardea have ceased trading on the NASDAQ.