AstraZeneca has agreed, subject to certain limited exceptions, to divest its 26.7% ownership in Viela Bio, Inc., as part of the proposed acquisition of Viela by Horizon Therapeutics.
AstraZeneca is anticipating to receive cash proceeds and profit of c.$760-$780m upon closing for the sale of the holding, which will be recorded in Reported and Core Other Operating Income and Expense in the company’s financial statements. The divestment is expected to complete by the end of the first quarter of 2021.
The divestment does not impact the company’s financial guidance for 2020. Guidance for 2021 is anticipated to be issued with full-year 2020 results on 11 February 2021.
Viela, headquartered in Gaithersburg, Maryland, is a biotechnology company dedicated to the discovery, development and commercialization of novel treatments for autoimmune and severe inflammatory diseases. Viela was founded in 2018 as a spinout from AstraZeneca, with clinical and pre-clinical projects from AstraZeneca’s inflammation and autoimmunity pipeline.
Photo of Pascal Soriot, CEO, AstraZeneca