Alexion Pharmaceuticals’ (ALXN) interest expense remained relatively flat at $24.6 million in the third quarter of 2018 as compared with $25.0 million in the year-ago period. While the company had received an income tax benefit of $19.8 million in the third quarter of 2017, it incurred income tax expenses of $11.2 million in the third quarter of 2018.
Alexion Pharmaceuticals’ net income jumped from $78.0 million in the third quarter of 2017 to $330.9 million in the latest quarter, which translated into net earnings per share of $1.47 in the third quarter of 2018. Alexion’s net earnings per share were $0.35 in the third quarter of 2017.
Alexion’s recent major acquisitions include Wilson Therapeutics in May 2018 and Syntimmune in September 2018. Wilson Therapeutics is a developer of a novel therapy for treating patients with rare copper-mediated disorders. With the Wilson acquisition, Alexion added WTX101 to its clinical pipeline. WTX101 is an innovative drug candidate that is in early phase-three clinical trials for treating patients with Wilson disease. The total consideration for this acquisition was $764.4 million.
In September 2018, Alexion agreed to acquire Syntimmune, which is a clinical-stage biotechnology company focused on developing antibody therapy targeting neonatal Fc receptor (or FcRn). Its lead product candidate, SYNT001, is in phase 1b part 2a trials for treating immunoglobulin G mediated autoimmune diseases. This acquisition involves an upfront payment of $400.0 million with additional milestone payments of up to $800.0 million. The acquisition was completed this month.
We’ll look at Alexion Pharmaceuticals’ collaboration with Dicerna and stock price performance in the next part.