Pharma BD Deal Intelligence
Alexion paid $855M for Wilson Therapeutics and its lead asset, WTX101, hit a positive Phase 3 endpoint—then AstraZeneca (Alexion's 2021 acquirer) killed the program in 2023 when follow-up studies couldn't confirm copper was actually cleared, and dumped it in 2024 for just $4M upfront to Monopar. A near-total writeoff.
Alexion paid ~$855M for a Wilson disease drug that AstraZeneca (its eventual acquirer) killed in 2023 and then gave away for a $4M upfront in 2024 — a near-total writeoff.
Full analysis, sources & comparables →Characterized the $855M takeover as a logical bolt-on for Alexion's metabolic and neurologic rare-disease focus, while noting investor skepticism about…
Piper Jaffray said the acquisition 'makes a lot of sense,' citing significant unmet need in Wilson disease despite two approved but marginally effective…
Reported AstraZeneca's decision to drop ALXN1840 after FDA discussions, retroactively casting Alexion's $855M Wilson Therapeutics buy as a value-destructive…
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Alexion announced April 11, 2018 cash tender offer for Stockholm-based Wilson Therapeutics at SEK 232/share, total equity value ~$855M. Adds Phase 3 WTX101, a first-in-class copper-binding agent for Wilson disease, an inherited copper metabolism disorder. Strategic fit with Alexion's metabolic and neurologic rare disease focus to rebuild clinical pipeline post-Soliris dependence.
Alexion paid ~$855M for a Wilson disease drug that AstraZeneca (its eventual acquirer) killed in 2023 and then gave away for a $4M upfront in 2024 — a near-total writeoff.
Assessment window: 5yr post-close.
Wilson disease is an autosomal recessive disorder of copper metabolism caused by mutations in ATP7B, leading to toxic copper accumulation in the liver, brain and other organs. Patients typically present in adolescence or young adulthood with hepatic, neurologic or psychiatric manifestations and require lifelong chelation or zinc therapy; untreated disease is uniformly fatal from liver failure or neurologic decline. It is a textbook ultra-rare metabolic disorder with a stable, identifiable patient population.
At deal time the Wilson disease standard of care was decades old: D-penicillamine (Cuprimine, Depen), trientine hydrochloride (Syprine, marketed by Valeant/Bausch and notorious for ~$300K/yr pricing controversy), and zinc acetate (Galzin) — all chelators with significant tolerability and adherence issues. Wilson Therapeutics' WTX101 (bis-choline tetrathiomolybdate) was positioned as a first-in-class de-coppering agent with faster control of free copper and a cleaner neurologic safety profile than penicillamine, supported by a 28-patient Phase 2 in which ~80% of patients hit the primary endpoint at 24 weeks. Piper Jaffray called the deal a strong fit, noting unmet need despite two approved-but-marginally-effective therapies. Post-deal, AstraZeneca (which acquired Alexion in 2021) ultimately walked away from WTX101/ALXN1840 in 2023 after FDA pushback, ceding the field — Orphalan's Cuvrior (trientine tetrahydrochloride, FDA approved May 2022) became the most recent advance, and Alexion-acquired ALXN1840 was discontinued, validating the difficulty of disrupting decades-old chelators.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Alexion Pharmaceuticals Inc. / Wilson Therapeutics AB (this deal) | 2018 | $855M | 20 |
| Alexion Pharmaceuticals Inc. / Synageva BioPharma | 2015 | $8.4B | 36 |
| Alexion Pharmaceuticals Inc. / Syntimmune, Inc. | 2018 | $1.2B | 14 |
| Alexion Pharmaceuticals Inc. / Portola Pharmaceuticals, Inc. | 2020 | $1.4B | — |
| Alexion Pharmaceuticals Inc. / Achillion Pharmaceuticals, Inc. | 2019 | $1.2B | — |
| Shire plc / Dyax Corp. | 2016 | $5.9B | 89 |
| Horizon Pharma plc / Hyperion Therapeutics, Inc. | 2015 | $1.1B | 79 |
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