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SAN DIEGO — Anglo-Swedish drug maker AstraZeneca will buy a San Diego-based biotech company for $1.26 billion, the two said Monday.
Ardea Biosciences is currently developing the drug lesinurad, a drug currently in phase-3 studies for chronic management of hyperuricemia in patients with gout.
"This attractive phase-3 program is an excellent opportunity to leverage AstraZeneca's global specialty and primary care sales and marketing capabilities," AstraZeneca CEO David Brennan said. "The Ardea team has done a great job developing lesinurad along with a promising next-generation gout program. These compounds have real potential to benefit patients."
The companies said AstraZeneca's offer of $32 per share for Ardea represented a 54% premium over the price of the company's stock on Friday.