The CSL Limited (ASX: CSL) share price is edging higher following the completion of the company's latest acquisition.
In earlier trading, shares in the global biotech reached $298.49, up 0.96% on yesterday's closing price. They have since fallen back to $295.70, up 0.02%.
In contrast, the S&P/ASX 200 Index (ASX: XJO) is hovering 0.03% down at 7,018 points.
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CSL adds Vifor Pharma to its books
After receiving all the required regulatory clearances last week, CSL has effectively taken over Vifor Pharma AG.
The acquisition comes after CSL announced a lengthy delay back in May due to some antitrust issues.
However, with the deal now settled, CSL currently holds more than 97% of Vifor shares. At the same time, these shares will soon be removed as management will apply to delist them post-close.
The remaining 3% os stock is expected to be cancelled in accordance with Swiss takeover rules.
With the $16 billion deal completed, CSL has access to Vifor Pharma's iron deficiency, dialysis, and nephrology & rare products divisions.
CSL's upcoming results are scheduled to be released on Wednesday 17 August. Of course, they won't include any earnings from Vifor Pharma.
However, adding a global pharmaceuticals company will undoubtedly boost CSL's financial profile in the H1 FY23 period.
CEO of Vifor Pharma Abbas Hussain commented:
…I am full of confidence that Vifor Pharma will have a successful future as part of a larger, global organization. This will allow us to accelerate growth and to successfully drive multiple product launches as we continue to help even more patients around the world live better, healthier lives.
It's worth noting that CSL will hold a dedicated market briefing on 17 October. Management will discuss Vifor Pharma's growth strategy and provide insights into its product portfolio as well as its financials.
CSL share price review
Following a broader recovery on the ASX, the CSL share price climbed 2.7% in the past month.
When looking at year-to-date, CSL shares are down 0.09%.
CSL is the third-largest company on the ASX. Its market capitalisation is $142.41 billion.
