DRUGMAKER AstraZeneca said on Thursday (Mar 14) it would acquire rare endocrine diseases-focused firm Amolyt Pharma for US$1.05 billion in cash, in a bid to boost its rare diseases portfolio.
Amolyt, backed by investors including Danish drugmaker Novo Nordisk’s parent firm Novo Holdings and EQT Life Sciences, is currently in the late-stage development of a therapy for hypoparathyroidism.
The deal, which includes an US$800 million upfront payment and an additional contingent payment of US$250 million on achieving a specified regulatory milestone, is expected to close by the third quarter of 2024.
In almost a decade since AstraZeneca fended off a takeover by US rival Pfizer, CEO Pascal Soriot has rebuilt the Anglo-Swedish drugmaker’s pipeline, which includes 13 blockbuster medicines – those that generate more than US$1 billion in annual sales.
Last month, Soriot said it was a “good time” for the company to do deals. The deal for Amolyt comes amid a string of acquisitions including a licensing deal late last year that gave AstraZeneca an entry into the booming anti-obesity drug market.
Revenue from the company’s rare diseases portfolio, boosted by the US$39 billion acquisition of Alexion in 2021, have also swelled in recent years, clocking nearly US$7.8 billion in 2023. REUTERS
