Milestone Pharma is set for a massive victory after winning a £7bn deal to take over the UK’s second largest drugmaker.
The deal, which will see Milestone become the world’s largest pharmaceutical company, is expected to help the company boost sales by £4.5 billion this year and £6 billion in the next three years.
The takeover is expected on Wednesday.
It means that Milestone will have the largest pharmaceuticals portfolio in the UK and will be the largest company in the world to take control of an existing pharmaceuticals company.
Milestone’s takeover is the latest in a string of deals which have seen the company dominate the industry, particularly in the past decade.
The company’s main rival in the drugs space is Johnson & Johnson, which has been selling its own generic drugs.
Milestones deal is part of a broader takeover of drugmakers by drugmakers, including Valeant, which bought Medivation in 2014 for £3.5billion.
Milestone’s new CEO, Michael Janssens, said the company’s “strategy is focused on delivering a world-class pharmaceutical portfolio” and it will focus on “the key players in the industry” to help it deliver the results it has.
Mills Group, which owns the largest drug firm in the US, AstraZeneca, is also part of the takeover.
Its UK arm is expected take over its own drug development business.
It will have a controlling interest in the biopharmaceutical firm’s research and development arm, Astrobiotics, and will invest heavily in research and innovation.
The deal has been delayed slightly from Monday due to the threat of a strike by UK and European pharmaceutical workers.
It is expected that the deal will be finalised in the first half of 2019.
Milestones has been involved in two other takeover deals in the last decade.
In 2014, it took over Bristol-Myers Squibb and took over rival AstraMed.
The company has also acquired Pfizer and AstraBioscience.