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On June 22, AstraZeneca announced that it has agreed to sell its Astra Tech business to Dentsply for approximately $1.8 billion in cash.
Astra Tech, headquartered in Mölndal, Sweden, has two main business divisions: a dental division, which is engaged in the research, development, manufacturing and marketing of dental implants, and a healthcare division, a business focused on medical devices for use primarily in urology and surgery. In 2010, Astra Tech recorded worldwide revenue of $535 million and normalised EBITDA of $105 million, with net assets valued at approximately $0.3 billion at May 2011 rates of exchange.
The transaction is anticipated to be completed during the second half of 2011, subject to receipt of relevant regulatory clearances. Upon closing, a gain will be recorded as "other operating income" in the AstraZeneca profit and loss account. The gain will be considered a "significant item" to be excluded from Core financial measures. As a result, there will be no impact on the company's full year 2011 guidance for Core earnings per share.
David Brennan, CEO of AstraZeneca says, "Following a comprehensive strategic review, we believe this transaction represents an excellent outcome for AstraZeneca shareholders. The high degree of interest and the competitive nature of this process is evidence of the value that the employees of Astra Tech have built in the marketplace. I want to thank them for their contribution and believe they are well placed to build upon this successful foundation under Dentsply's ownership."
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