RTTNews | Jul 14, 2021 02:27AM EDT

02:26 Wednesday, July 14, 2021 (RTTNews.com) - The UK Competition and Markets Authority or CMA has approved AstraZeneca Plc.'s (AZN.L, AZN) proposed acquisition of Alexion Pharmaceuticals Inc. (ALXN). The acquisition is expected to close on 21 July 2021.

AstraZeneca noted that a group focusing on rare diseases will be created. The group will be named 'Alexion, AstraZeneca Rare Disease', and will be headquartered in Boston, US.

Last week, AstraZeneca said it received clearance from the European Commission for the proposed acquisition of Alexion Pharmaceuticals. The clearance followed competition clearances in the United States, Japan and other countries globally.

The CMA said in May that it started its investigation whether AstraZeneca Plc.'s takeover of Alexion Pharmaceuticals could reduce competition for products and services in the United Kingdom or any other markets.

In December 2020, British drug major AstraZeneca agreed to buy Alexion Pharmaceuticals for $175 per share in cash and stock, valuing the Boston-based company at $39 billion.

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