Stock Alert: Alexion Pharma Loses 5% After Portola Acquisition News

(RTTNews) - Shares of Alexion Pharmaceuticals, Inc. (ALXN) are down more than 5 percent or $5.37 in Tuesday's morning trade at $98.47. The stock has traded in a range of $72.67 to $136.51 in the past 52 weeks.

Alexion Pharma has agreed to acquire Portola Pharmaceuticals, Inc. (PTLA), a commercial-stage biopharmaceutical company focused on life-threatening blood-related disorders, the two companies said Tuesday.

A subsidiary of Alexion will commence a tender offer to acquire all of the outstanding shares of Portola's common stock at a price of $18 per share.

Following successful completion of the tender offer, Alexion will acquire all remaining shares not tendered in the offer at the same price of $18 per share through a merger. The transaction is expected to close in the third quarter of 2020.