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AstraZeneca Shares Sink 8 after 39 Billion Alexion Buyout

Dec 14 Reuters Shares of AstraZeneca fell 8 early on Monday, hit by doubts about the British firms strategy and speculation of a rival bid after it announced the 39 billion purchase of Alexion Pharmaceuticals over the weekend.

Chief Executive Officer Pascal Soriot had told reporters on Saturday that the deal, a bet on raredisease and immunology drugs, was the result of exclusive talks and no competitive bidder was involved.

The move also helps AstraZeneca, which is also working on a COVID19 vaccine, diversify from its fastgrowing cancer business.

Reporting by Pushkala Aripaka in Bengaluru; Editing by Arun Koyyur

Source Reuters

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