© Reuters. FILE PHOTO: Test tubes are seen in front of a displayed AstraZeneca logo in this illustration taken May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -Drugmaker AstraZeneca (NASDAQ:) said on Thursday it would acquire rare endocrine disease company Amolyt Pharma for $1.05 billion in cash, aiming to strengthen its drug portfolio. rare diseases.
Amolyt, backed by investors including Danish pharmaceutical maker parent Novo Nordisk (NYSE:), Novo Holdings and EQT (ST:) Life Sciences, is currently in late-stage development of a treatment for hypoparathyroidism.
The deal, which includes an upfront payment of $800 million and an additional contingent payment of $250 million upon reaching a specified regulatory milestone, is expected to close by the third quarter of 2024.
Nearly a decade after AstraZeneca fended off a takeover by its US rival Pfizer (NYSE:), CEO Pascal Soriot has rebuilt the Anglo-Swedish drugmaker’s pipeline, which includes 13 blockbuster drugs, ones that generate more than $1 billion in annual sales.
Last month, Soriot said it was a “good time” for the company to make deals. The Amolyt deal comes amid a string of acquisitions, including a licensing deal struck late last year that gave AstraZeneca access to the booming anti-obesity drugs market.
Revenue from the company’s rare disease portfolio, boosted by the $39 billion acquisition of Alexion (NASDAQ:) in 2021, has also increased in recent years, reaching nearly $7.8 billion in 2023 .