AstraZeneca (AZN) and MedImmune (MEDI) Acquisition Spur Confusion
Shares of AstraZeneca (NYSE: AZN) fell more than 5 percent to $55.77 as MedImmune (NASDAQ: MEDI) shares jumped 18 percent to $56.59 on word AstraZeneca will acquire the vaccine and cancer-therapy developer. According to some analysts, $15.2 billion, or $58 in cash per share is just too much. The price offered per share is a 53 percent premium over MedImmune’s closing price just before it announced it would soon be on the market, and is quite a bit more than the $38 to $44 price some analysts expected. The deal is good for MedImmune shareholders but causes some analysts confusion.…