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Alexion completes acquisition of Portola Pharma; SEC charges with FCPA violations

  • Alexion Pharmaceuticals (NASDAQ:ALXN) has completed its acquisition of Portola Pharmaceuticals (NASDAQ:PTLA), through a tender offer and merger with its subsidiary, Odyssey Merger Sub Inc. (“Buyer”).
  • The acquisition adds Factor Xa inhibitor reversal agent Andexxa, marketed as Ondexxya in Europe, to Alexion’s commercial portfolio.
  • Portola will cease to be traded on the Nasdaq and now will be a wholly owned subsidiary of Alexion. In connection with the merger, all shares of Portola common stock have been converted into the right to receive $18.00/ share in cash, without interest.
  • Also, SEC has charged Alexion under the Foreign Corrupt Practices Act (FCPA), for which the company has agreed to pay $21M to resolve charges that it violated the books and records and internal accounting controls provisions.
  • According to the SEC’s order, two Alexion subsidiaries made payments to foreign government officials to secure favorable treatment for Alexion’s primary drug, Soliris.
  • Without admitting or denying the findings, Alexion agreed to cease and desist from committing violations and pay ~$14.2M in disgorgement, ~$3.8M in prejudgment interest, and a $3.5M penalty.

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