(Reuters) -Drugmaker AstraZeneca (NASDAQ:) stated on Thursday it would purchase rare endocrine illnesses-focused firm Amolyt Pharma for $1.05 billion in cash, in an effort to boost its rare diseases portfolio.
Amolyt, supported by investors including Danish drugmaker Novo Nordisk (NYSE:)’s parent firm Novo Holdings and EQT (ST:) Life Sciences, is currently in the late-stage development of a therapy for hypoparathyroidism.
The deal, which includes an $800 million upfront payment and additional contingent payment of $250 million upon achieving a specified regulatory milestone, is anticipated to close by the third quarter of 2024.
In almost a decade since AstraZeneca fended off a takeover by U.S. rival Pfizer (NYSE:), CEO Pascal Soriot has rebuilt the Anglo-Swedish drugmaker’s pipeline, which includes 13 blockbuster medicines – those that generate more than $1 billion in annual sales.
Last month, Soriot mentioned it was a “good time” for the company to engage in deals. The acquisition for Amolyt arrives amid a series of purchases including a licensing agreement late last year that granted AstraZeneca an entry into the thriving anti-obesity drug market.
Revenue from the company’s rare diseases portfolio, enhanced by the $39 billion acquisition of Alexion (NASDAQ:) in 2021, have also surged in recent years, amounting to nearly $7.8 billion in 2023.
