LONDON - Pharmaceutical company AstraZeneca PLC, which has been trying to shore up its product pipeline, said Monday it is buying Maryland-based biotech drugmaker MedImmune Inc. for $15.6 billion.
London-based AstraZeneca said it will pay $58 a share for MedImmune, whose shares closed on Friday at $48.01.
AstraZeneca said the deal would increase the proportion of biotechnology drugs in its pipeline from 7 percent to 27 percent, and enlarge the total pipeline by 45 projects to 163 projects.
MedImmune, based in Gaithersburg, has more than 2,500 employees worldwide, with facilities in Pennsylvania, California,...
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