AstraZeneca PLC said Monday that it has agreed to divest its 26.7% ownership in Viela Bio Inc. as part of the proposed acquisition of Viela by Horizon Therapeutics PLC, and said it expects to receive cash proceeds of up to $780 million.
The British pharmaceutical major said the divestment is expected to complete by the end of the first quarter of 2021.
AstraZeneca said it is anticipating to receive cash proceeds and profit of between $760 million and $780 million upon closing for the sale of the holding. The divestment doesn't hurt its guidance for 2020, the company said.
Horizon Therapeutics earlier on Monday said that it has agreed to acquire Viela for $53 a share in cash, or an equity value of about $3.05 billion.
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