AstraZeneca to buy Amolyt Pharma for $1.05 billion to boost rare-disease portfolio
Reuters
Published Mar 14, 2024 07:19
Updated Mar 14, 2024 14:03
(Reuters) -Drugmaker AstraZeneca (NASDAQ:AZN) said on Thursday it would acquire endocrine diseases-focused firm Amolyt Pharma for $1.05 billion in cash, in a bid to boost its rare diseases portfolio.
France's Amolyt, backed by investors including Danish drugmaker Novo Nordisk (CSE:NOVOb)'s parent firm Novo Holdings and EQT Life Sciences, is currently in the late-stage development of a therapy for hypoparathyroidism called eneboparatide.
The deal, which includes an $800 million upfront payment and an additional contingent payment of $250 million on achieving a specified regulatory milestone, is expected to close by the third quarter of 2024.
Revenue from AstraZeneca's rare diseases portfolio, boosted by the $39 billion acquisition of Alexion (NASDAQ:ALXN) in 2021, has swelled in recent years, to nearly $7.8 billion in 2023.
Phase III trial results for eneboparatide are expected next year with a possible launch to follow, Alexion CEO Marc Dunoyer told Reuters in an interview, adding that the therapy had blockbuster potential, or one that could generate over $1 billion in annual sales.
Alexion inked a deal last year to buy U.S. drugmaker Pfizer (NYSE:PFE)'s early-stage rare disease gene therapy portfolio for up to $1 billion, plus royalties on sales. It also bought genomic medicines firm LogicBio Therapeutics in 2022.
Over the near decade since AstraZeneca fended off a takeover by its U.S. rival Pfizer, its CEO Pascal Soriot has rebuilt the Anglo-Swedish drugmaker's pipeline, which includes 13 blockbuster medicines.
Last month, Soriot said it was a "good time" for AstraZeneca to do deals, after a string of acquisitions including a licensing deal late last year that gave it an entry into the booming anti-obesity drug market.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.