Shares of Viela Bio (NASDAQ: VIE) have rocketed on Monday after revealing that the company will be acquired by my Horizon Therapeutics (NASDAQ: HZNP).
Horizon Therapeutics will pay $53 in cash in a deal worth approximately $3.05 billion, with the transaction is expected to close by the end of the first quarter of 2021.
Viela Bio shares have rocketed, currently trading at 52.89 up 52.51% on the day.
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“We are pleased that Horizon recognizes the value of our robust R&D pipeline, our commercial medicine UPLIZNA, which is an important treatment option for patients with NMOSD, and our talented team,” said Bing Yao, chairman and CEO of Viela Bio, Inc.
Horizon said the acquisition expands its pipeline to accelerate growth over the long-term adding freelance research and clinical development capabilities along with its mid-stage biologics pipeline.
Horizon will finance the transaction through $1.3 billion of external debt, along with cash on hand. It has also put in place fully committed financing with Citigroup Global Markets and Morgan Stanley Senior Funding.
AstraZeneca will also divest its shareholding in Viela, after retaining a 26.7% stake when it sold the business in 2018 and could make up to $780 million from the deal.