Anglo-Swedish pharmaceutical giant AstraZeneca is to buy a US-based biotechnology firm for $15.2 billion (£7.6 billion).
MedImmune, which is headquartered in Maryland and has facilities in both the US and Europe, will boost AstraZeneca's research and development capability once the $58-per-share (£29-per-share) offer is approved.
The company's board has unanimously supported the move to combine itself with AstraZeneca's wholly-owned subsidiary Cambridge Antibody Technology (Cat) in the merger.
MedImmune chief executive David Mott said: "The potential to harness the combined skills and capabilities of MedImmune, AstraZeneca and Cat and take our combined world class biologics capabilities to the next level, is very exciting and a challenge to which I am personally committed."
The acquisition, designed to "significantly accelerate AstraZeneca's biologics strategy", has been seen by observers as a deliberate attempt to boost the drug company's portfolio after a series of disappointing product investments.
AstraZeneca's first-quarter results, released this morning, saw the firm's pre-tax profits grow by 11 per cent, slightly above market expectations.
Shares in AstraZeneca fell by 1.5 per cent during the first hour of trading this morning.
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