Alexion Pharmaceuticals to Acquire Enobia Pharma Corp.

Pharmaceuticals company Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) entered into an agreement to acquire Enobia Pharma Corp. for $610 million in cash upon deal completion, with an additional $470 million to be paid upon achieving various milestones.

Alexion notes in its press release that its interest in Enobia stems from Enobia’s “lead product candidate ENB-0040 (asfotase alfa), [which] is a human recombinant targeted alkaline phosphatase enzyme-replacement therapy for patients suffering with hypophosphatasia, an ultra-rare, life-threatening, genetic metabolic disease for which there are no approved treatment options.”

Institutional investors vary widely in their opinions of Alexion’s stock.

Some of the more bullish institutions include: FMR LLC acquired 5,482,237 shares in the quarter ending 9/30/11, for a total position of 23,227,973 shares; Bank of America Corp. (NYSE:BAC) acquired 1,651,968 shares in the quarter ending 9/30/11, for a total position of 3,030,552; and Wells Fargo & Co. (NYSE:WFC) acquired 1,373,711 shares in the quarter ending 9/30/11, for a total position of 6,928,991 shares.

Bearish institutions include: Janus Capital Management sold 1,489,008 shares in the quarter ending 9/30/11, reducing its total stake to 2,226874 shares; Ameriprise Financial reduced its stake by 2,282,761 shares to 4,955,396 shares; and Turner Investment Partners reduced its stake by 952,662 shares to 1,870,903 shares.

Here’s how competitors to the deal are reacting in today’s trading action today:

PDL BioPharma, Inc. (NASDAQ:PDLI): PDLI shares recently traded at $6.17, up $0.03, or 0.49%. They have traded in a 52-week range of $4.66 to $6.70. Volume today was 352,177 shares versus a 3-month average volume of 2,061,580 shares. The company’s trailing P/E is 8.13, while trailing earnings are $0.76 per share.

Abbott Laboratories (NYSE:ABT): ABT shares recently traded at $56.23, up $0.4, or 0.72%. They have traded in a 52-week range of $45.07 to $56.37. Volume today was 2,172,291 shares versus a 3-month average volume of 8,567,960 shares. The company’s trailing P/E is 19.40, while trailing earnings are $2.90 per share.

Johnson & Johnson (NYSE:JNJ): JNJ shares recently traded at $65.81, up $0.36, or 0.55%. They have traded in a 52-week range of $57.50 to $68.05. Volume today was 2,700,151 shares versus a 3-month average volume of 11,295,400 shares. The company’s trailing P/E is 16.06, while trailing earnings are $4.10 per share.

Celldex Therapeutics, Inc. (NASDAQ:CLDX): CLDX shares recently traded at $2.55, down $0.02, or 0.78%. They have traded in a 52-week range of $2.05 to $4.70. Volume today was 139,441 shares versus a 3-month average volume of 232,573 shares. The company’s trailing earnings are $-0.26 per share.

Merck & Co. Inc. (NYSE:MRK): MRK shares recently traded at $37.68, up $0.25, or 0.67%. They have traded in a 52-week range of $29.47 to $37.90. Volume today was 3,365,110 shares versus a 3-month average volume of 17,461,200 shares. The company’s trailing P/E is 27.54, while trailing earnings are $1.37 per share.

To contact the reporter on this story: Dave Friedman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com