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Alexion Pharma to pay $8.4 billion for Synageva BioPharma

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Alexion Pharmaceuticals is spending about $8.4 billion - a huge premium — to buy Synageva BioPharma, a fellow rare disease treatment developer with no products on the market that booked a first-quarter loss of nearly $60 million.

Alexion will pay $115 in cash and a portion of its stock for each Synageva share. That puts the total per-share price at about $226, based on Alexion's Tuesday closing price.

That's more than double the value Synageva BioPharma Corp.'s closing price of $95.87 on Tuesday. Shares of the drugmaker are soaring in premarket trading.

Alexion Pharmaceuticals Inc. is based in Cheshire, Connecticut, and makes Soliris, which is approved to treat a rare, life-threatening blood disorder called paroxysmal nocturnal hemoglobinuria.

Synageva's lead product in development, the rare disease treatment Kanuma, is being reviewed by federal regulators.

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