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Alexion Buys Out Portola, But Analysts Don’t See Value

 
• By Joseph Haas

The acquisition brings Alexion the bleeding reversal agent Andexxa, which execs called a synergistic addition to its portfolio – but analysts are struggling to see the match with Alexion’s chronic rare disease therapies.

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Acquiring Portola and Andexxa diversifies Alexion's portfolio, but analysts don't see much growth potential

Alexion Pharmaceuticals Inc. revealed on 5 May that it has agreed to acquire Portola Pharmaceuticals Inc. for about $1.4bn in cash, but analysts don’t see the value in that price or in Portola’s Factor Xa inhibitor reversal drug Andexxa, a product stuck in neutral more than a year past its initial launch.

On a same-day investor call, Alexion executives cited multiple strategies for growing Andexxa (coagulation factor Xa (recombinant), inactivated-zhzo) and said...

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