Synageva BioPharma Corp. (NASDAQ: GEVA) was established in 1996 and is headquartered in Lexington, Massachusetts, with 282 full-time employees. It is a biopharmaceutical company that researches, develops and commercializes orphan drug products for patients with rare diseases.
Synageva BioPharma (GEVA):
The company’s main product’Kanuma brand (Kanuma brand) sebelipase alfa’ is used to treat human lysosomal acid lipase (LAL) deficiency. The company also develops several other orphan drugs, which are currently in clinical trials, such as:
- SBC-103-an enzyme replacement therapy for the treatment of lysosomal storage disease (ie mucopolysaccharidosis type IIIB)
- SBC-105-Enzyme replacement therapy developed for rare diseases of calcification.
Synageva (GEVA) investment:
Yesterday (2015-05-06), Alexion Pharmaceuticals Inc. ( ALXN ) agreed to acquire Synageva BioPharma Corp. (GEVA) for US$8.4 billion in cash and stock. The market believes that this move will help strengthen Alexion’s rare disease treatment drug product line.
According to the terms of the agreement, Synageva shareholders will receive $115 in cash plus 0.6581 shares of Alexion for every share of Synageva’s stock, which is calculated at the closing price of Alexion on Tuesday, which is about $225.92. This will be more than twice Synageva’s latest closing price of $95.87.
After the transaction is completed, Alexion will have eight therapeutic drugs in clinical trials, including experimental alternative therapies developed by Synageva. This therapy is used to treat patients with the rare metabolic disease Mucopolysaccharidosis IIIB. Alexion will also have more than 30 preclinical research projects.
Due to the acquisition news, the stock soared +112.15% on 2015-05-06, the stock price reached US$203.39 and the market value reached US $7.52 billion.
On June 22, 2015, Alexion Pharmaceuticals completed the acquisition of Synageva BioPharma, which was delisted from Nasdaq.