Astra Investors Narrowly Back CEO Pay, Vote for Alexion Deal (1)

AstraZeneca Plc shareholders only narrowly approved increases to its chief executive officer’s pay, even as they overwhelmingly backed the pharmaceutical giant’s biggest takeover in decades.

About 40% voted against increasing CEO Pascal Soriot’s pay potential by about 2 million pounds ($2.8 million) at the annual meeting Tuesday, after objections from some investors in recent weeks. Support for the $39 billion takeover of rare-disease specialist Alexion Pharmaceuticals Inc. was broader, with more than 99% in favor, clearing the way for the companies to close the transaction in the third quarter.

The changes mean Soriot’s maximum bonus and performance-related share award could ...