Covington Aids AstraZeneca In $1.3B Ardea Biotech Buy

Law360, New York (April 23, 2012, 11:58 AM EDT) -- AstraZeneca PLC will purchase U.S. biotech company Ardea Biosciences Inc., maker of a new gout medicine, for $1.26 billion in cash to beef up its weak late-stage drug pipeline, the buyer said Monday.

It is the British drugmaker's biggest acquisition — and its first of more than $1 billion — since 2007, when it bought MedImmune Inc. for $15.2 billion. The $32 per-share purchase price represents a 54 percent premium over Ardea's stock price at Friday's close.

San Diego-based Ardea's most clinically advanced drug treats high...
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