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Alexion Pharmaceuticals Shares Crashes

Alexion Pharmaceuticals Inc. shares dropped 0.47% to $183.40 Thursday. This proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX falling 0.86% to 4,320.82 and Dow Jones Industrial Average DJIA falling 0.75% to 34,421.93.

Alexion Pharmaceuticals Inc. closed $3.12 below its 52-week high ($186.52), which the company reached on July 2nd. Despite its losses, the stock outperformed some of its competitors Thursday, as Gilead Sciences Inc. GILD fell 0.98% to $67.69, Vertex Pharmaceuticals Inc. VRTX fell 0.63% to $197.74, and Regeneron Pharmaceuticals Inc. REGN fell 1.87% to $574.92.true

Alexion Pharmaceuticals Shares CrashesAlexion Pharmaceuticals Inc trading volume (5.8 M) eclipsed its 50-day average volume of 1.9 M.This was the stock’s third consecutive day of losses. The European Commission has cleared AstraZeneca’s proposed acquisition of Alexion Pharmaceuticals for $39bn.This marks an ‘important step’ towards the completion of the acquisition, which was first announced in December last year. The latest move follows the receipt of clearance from the US Federal Trade Commission for the acquisition in April this year.

AstraZeneca has already received complete clearances from regulatory authorities in Brazil, Canada, Russia, Colombia, Morocco, Turkey, Israel, Saudi Arabia, South Korea, Taiwan and Japan. However, the company still required regulatory clearance in the UK which remains a requirement for the completion of the deal.AstraZeneca executive director and chief financial officer Marc Dunoyer said that they are pleased to have secured clearance from the European Commission for the proposed acquisition of Alexion, a pioneer in the discovery and development of medicines for rare diseases.

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