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AstraZeneca’s MedImmune Bid Queried

1:46 PM MDT | May 2, 2007 | Chemical Week Editorial Staff

Shareholders at AstraZeneca’s annual meeting last week raised concerns about the firm’s recent $58/share offer to purchase biotechnology firm MedImmune (Gaithersburg, MD). AstraZeneca’s offer values MedImmune at $15.6 billion and represents a 21% premium over MedImmune’s closing share price on April 20, three days before the bid was announced. Shareholders at the meeting questioned whether the proposed deal is “an act of desperation.” AstraZeneca has been hit by a string of drug candidate failures of late and these may have...

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