AstraZeneca, which is finalising a vaccine against Covid-19, announced the vast acquisition on Saturday in order to boost its work on immunology.. — Reuters pic
The blockbuster transaction is the largest M&A deal in the global pharmaceutical sector since the start of the deadly Covid-19 pandemic. “You would think AstraZeneca could do without any distractions as it looks to address some of the scepticism which has built up around the Covid vaccine developed in partnership with Oxford University,” said Russ Mould, investment director at online broker AJ Bell.
“It is also an immunology-focused business which will stick out like a sore thumb against the rest of AstraZeneca’s portfolio.”But Wilson added that the high price tag was “probably not that significant when you consider the sector and the cash flow generation and revenue growth that it will bring”.