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Breakingviews - AstraZeneca’s $39 billion deal is bold as well as big

The largest acquisition in AstraZeneca’s history is bold as well as big. The British drugmaker on Saturday announced it is buying U.S biotech Alexion Pharmaceuticals, which makes treatment for a rare immune disease, for $39 billion in cash and stock. Competitive challenges and a wayward M&A strategy have held down the target’s price. That’s an opportunity and a threat for AstraZeneca Chief Executive Pascal Soriot.

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