AstraZeneca/MedImmune: A big molecule to swallow

Carl Icahn has been proved right. The American billionaire and activist investor bought a 1% stake in US biotech MedImmune in February and then put pressure on management of the underperforming biotech business to sell out. The hope - now realised - was that the world’s top drug companies, who are desperately searching for some much needed growth, would pay a high price. Anglo-Swedish pharmaceutical AstraZeneca has done just that. The $15.6bn price-tag was a staggering 53% premium over the pre-a...