AstraZeneca looks to raise $2bn with bond issue

 
Courtney Goldsmith
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AstraZeneca aims to raise $2bn for "general corporate purposes" (Source: Getty)

AstraZeneca today confirmed it priced a three-tranche bond offering totalling $2bn (£1.6bn) yesterday, which is expected to close on 12 June.

The pharmaceuticals giant said it expects to use the funds for "general corporate purposes", which may include refinancing existing debt.

The three tranches include $1bn of five-year fixed rate notes with a coupon of 2.375 per cent, $0.75bn of 10-year fixed rate notes with a coupon of 3.125 per cent and $0.25bn of five-year floating rate notes.

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The FTSE 100 firm also announced further evidence of the potential of its osimertinib lung cancer drug, commercially called Tagrisso, in certain patients. The drug extended the length of time those with central nervous system metastases live without disease worsening or death to 11.7 months versus 5.6 months in the trial known as Aura3.

On Sunday, AstraZeneca also revealed promising trial results for its breast cancer drug, which could potentially replace chemotherapy and improve survival prospects in some patients.

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