In a strategic move to enhance its rare diseases portfolio, pharmaceutical powerhouse AstraZeneca announced Thursday its acquisition of Amolyt Pharma for $1.05 billion in cash.
Backed by investors such as Novo Nordisk’s parent company Novo Holdings and EQT Life Sciences, Amolyt Pharma specializes in rare endocrine diseases and is currently in the advanced stages of developing a therapy for hypoparathyroidism.
The deal comprises an upfront payment of $800 million, with an additional contingent payment of $250 million upon reaching a specified regulatory milestone. The transaction is slated to be finalized by the third quarter of 2024.
AstraZeneca, led by CEO Pascal Soriot, has been actively bolstering its pipeline following its successful defense against a takeover bid by U.S. rival Pfizer nearly a decade ago. The company now boasts a robust portfolio of 13 blockbuster drugs, each generating over $1 billion in annual sales.
Soriot’s recent remarks indicated a favorable environment for strategic acquisitions. The move to acquire Amolyt comes amidst a series of deals, including a licensing agreement late last year that marked AstraZeneca’s entry into the burgeoning anti-obesity drug market.
Driven by the $39 billion acquisition of Alexion in 2021, revenue from AstraZeneca’s rare diseases segment has experienced significant growth, reaching nearly $7.8 billion in 2023.
