AstraZeneca's MedImmune bid a 'success'

British pharmaceutical company AstraZeneca PLC said Friday that its tender offer for shares of biotech company MedImmune Inc. was a "success," allowing it to go forward with a planned takeover of the drug maker.

AstraZeneca said 96 percent of MedImmune's shares were tendered during the offer that expired at the end of Thursday. AstraZeneca is offering MedImmune shareholders $58 per share, which represented a 53 percent premium over MedImmune's share price before the company announced in April that it was looking for a buyer.

MedImmune and AstraZeneca plan to close the deal June 18, at which point MedImmune will become a wholly owned AstraZeneca subsidiary. AstraZeneca also said Friday that a new tender offer for the remaining 4 percent of MedImmune shares will run through June 5.

Shares of MedImmune traded up 6 cents to $57.95 at the market open Friday.