Alexion Pharmaceuticals, Inc. is set to sell its prescription drug business in an effort to make its drug portfolio more competitive.
The news comes as its chief executive officer and chief financial officer are leaving to take jobs at companies that are not part of the $6.6 billion company’s stock buyback program.
Alexion’s deal to sell the company, called Alexion Pharmaceutical Partners LP, is valued at $1.9 billion and the deal has been approved by the New York Stock Exchange.
The deal will help Alexion improve its position as an online pharmacy and boost its ability to compete in the $2 billion industry.
The company has been trying to improve its business and sell more of its prescription drugs, which include generic versions of generics.
The deal was approved by New York State Comptroller Thomas DiNapoli and other state regulators and could give Alexion access to additional capital, which could help it compete in a booming marketplace that is flooded with generic versions.
The pharmacy is expected to begin operations by the end of this year.
The company, which has more than 300 employees in New York, is a pioneer in online pharmacy services and has a global network of pharmacies.
It sells generics for $4.99 to $19.99 a pill and has more brands for about $9.99.
Alexison has had success in the online market.
Last year, it sold $2.7 billion worth of generic versions to a range of companies.
The generic versions include a wide range of medications, including generics of several popular brands, such as Celebrex, Crestor and Gilead.
Alexian has also worked with other online pharmacies to develop a drug-sales platform for its brand-name drugs, including generic versions, that can be ordered online and delivered to a pharmacy.
Alexio, which is part of a partnership with Medtronic, has been in a difficult position in the market.
Its sales fell to $9 billion in fiscal year 2018, according to the company’s website.
But Alexion’s sales jumped nearly 10 percent in the second quarter of that year, to $14.9 million, after it sold more than $30 billion worth generics during the year.
In a statement, Alexion said it would sell its entire portfolio of generic products to third parties, including Medtronics.
The companies will continue to work together, Alexian said.
Alex ion also said it plans to build a distribution network in the U.S. that will provide customers with access to a broad array of its drugs, starting with the generic versions that are currently sold online.
Alexioun’s plan to sell generic versions will allow the company to expand its reach beyond the U