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(Alliance News) - AstraZeneca PLC on Thursday said it has struck a deal to acquire Amolyt Pharma SAS, strengthening its late-stage rare disease pipeline.
The Cambridge-based pharmaceutical company will pay up to USD1.05 billion to buy the Lyon, France-based developer of endocrine disease treatments.
The endocrine system includes major glands in the body such as the thyroid and the hypothalamus.
Amolyt Pharma does not disclose much financial information about itself. Its website says the private company has raised EUR212 million since its inception in 2015 through series C financing.
Astra said: "The proposed acquisition will bolster the Alexion, AstraZeneca rare disease late-stage pipeline and expand on its bone metabolism franchise with the notable addition of eneboparatide (AZP-3601), a phase III investigational therapeutic peptide with a novel mechanism of action designed to meet key therapeutic goals for hypoparathyroidism. Additionally, Alexion is looking forward to welcoming talent from Amolyt Pharma."
Astra will pay USD800 million at closing, and the deal also includes a possible USD250 million milestone payment. It expects the deal to close in the third quarter of 2024.
Hypoparathyroidism is when the parathyroid glands produce too little of the parathyroid hormone. It can cause muscle cramps, facial twitches and rough skin.
Marc Dunoyer, chief executive officer of Alexion, AstraZeneca Rare Disease, said: "Chronic hypoparathyroid patients face a significant need for an alternative to current supportive therapies, which do not address the underlying hormone deficiency. As leaders in rare disease, Alexion is uniquely positioned to drive the late-stage development and global commercialisation of eneboparatide, which has the potential to lessen the often debilitating impact of low parathyroid hormone and avoid the risks of high-dose calcium supplementation."
Amolyt Pharma Chief Executive Officer Thierry Abribat said: "This agreement offers the opportunity to meaningfully advance our pipeline therapies. Strong Phase II data suggest eneboparatide has the potential to improve outcomes for patients and to shift the treatment paradigm for hypoparathyroidism, and we look forward to seeing the continued advancement of the Phase III trial."
AstraZeneca shares were 0.1% lower at 10,443.99 pence each on Thursday morning in London.
By Tom Budszus, Alliance News slot editor
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