Excluding existing cash held by Ardea, the purchase values the company at $1 billion. The deal follows through on AstraZeneca's plan to step up its drug pipeline. In securing Ardea, AstraZeneca will now have a new gout drug, Iesinurad, which is in the third phase of clinical testing, as well as two cancer treatment combination drugs that are currently in mid-stage testing.
The companies said they expect the deal to close in the second or third quarter.
Two of AstraZeneca's most successful drugs, Nexium and Seroquel, lose patent protection by 2014.
Intel (INTC) is trending as the chipmaker is launching a new group of Core microprocessors, called Ivy Bridge. The company officially launched the first 13 of its Ivy Bridge processors on Sunday. The processors have a new 3D transistor technology, which Intel said allows for more computational power while using less energy. Intel called the processors "the world's first 22 nanometre product," and said they will deliver 20% more processor performance while using 20% less average power. The processors will mostly be for use in desktop computers, though Intel said new dual-core processors for use in laptops will be out later in the spring. The company, which expects the release to drive sales, has built three factories for the new chips, with plans for a fourth factory later this year.
Nestle is another popular search. The world's largest food company announced it is acquiring Pfizer's (RDEA) infant nutrition business for $11.85 billion. Nestle said the deal is expected to boost its presence in global infant nutrition, as 85% of Pfizer Nutrition unit's sales are in emerging markets. Nestle said the deal would add to earnings per share from the first year. The deal is subject to regulatory approval. It is expected to close in mid-2013. Nestle beat out Groupe Danone and Mead Johnson Nutrition, which filed a joint bid for the infant nutrition business. Pfizer put the business up for sale last July. It has been shedding its non-core businesses as it focuses on developing new prescription drugs.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.
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