Alexion bets $1.4B on Portola and its laggard bleeding drug Andexxa

Alexion has made no secret of its plan to diversify beyond its blockbuster rare disease franchise. Now, the company has taken a flier out on a disappointing drug that targets severe bleeding—and it's hoping to parlay its hospital contacts into a sales boost that'll appease unruly investors. Alexion agreed to buy Portola Pharmaceuticals and its sole approved medicine, anticoagulant reversal agent Andexxa, in a deal valued at around $1.4 billion, the drugmakers said Monday. That's $18 per share in cash—a 131% premium on Portola's Monday closing price of $7.76 per share. The Portola buyout will take Alexion beyond a rare-disease portfolio dominated by blockbuster C5-inhibitor Soliris and follow-up drug Ultomiris. The centerpiece of the deal is a bleeding reversal agent, Andexxa, designed for patients using two common anticoagulant drugs, Xarelto and Eliquis. So far, Andexxa has delivered disappointing sales, but Alexion still sees promise—even if it'll take a while for that promise to pay off.