AstraZeneca buys majority stake in Acerta Pharma to expand oncology portfolio

(ShareCast News) - AstraZeneca has announced it will acquire a 55% stake in Acerta Pharma over its oncology treatment - a deal valued at $4bn (£2.7bn).The deal will give the FTSE 100 pharmaceutical company access to the privately-owned US and Netherlands based biopharmaceutical company's acalabrutinib inhibitor.The drug is in trials to treat B-cell blood cancers and multiple solid tumours.Under the deal, AstraZeneca will pay $2.5bn cash upfront, and a further $1.5bn when acalabrutinib receives its first regulatory approval in the US or at the end of 2018, whichever comes first.The agreement also includes options which give AstraZeneca the opportunity to buy the remaining 45% of the company for approximately $3bn.AstraZeneca chief executive Pascal Soriot said the deal is consistent with the company's focus on long-term growth and reflects the role targeted business development plays in its business model."We are boosting a key area in our comprehensive oncology portfolio with a late-stage, potential best-in-class medicine that could transform treatment for patients across a range of blood cancers."Acalabrutinib provides us with a small molecule presence in blood cancers to complement our existing immunotherapy approach, in collaboration with Celgene in haematological malignancies."The deal is expected to be completed by the end of the first quarter of 2016.