(Sharecast News) - Biopharma giant AstraZeneca has announced the acquisition of French biotech firm Amolyt Pharma for up to $1.05bn to beef up its late-stage rare disease pipeline.
Amolyt, which is a specialist in the treatment of rare endocrine disease, will be purchased for $800m upfront on completion of the deal, plus an additional contingent payment of $250m payable upon achievement of a specified regulatory milestone.
Through the bolt-on acquisition, AstraZeneca gets its hands on eneboparatide (AZP-3601), a Phase III investigational therapeutic peptide with a novel mechanism of action designed to meet key therapeutic goals for hypoparathyroidism - a deficiency of the parathyroid hormone that results in reduced calcium and elevated phosphorus levels in the blood.
Hypoparathyroidism is one of the largest known rare diseases, affecting 115,000 people in the US and 107,000 people in the EU, 80% of whom are women.
"Chronic hypoparathyroid patients face a significant need for an alternative to current supportive therapies, which do not address the underlying hormone deficiency," said Marc Dunoyer, head of AstraZeneca's rare disease unit Alexion.
"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."
AstraZeneca reckons the deal will close by the end of the third quarter of 2024, subject to "the satisfaction of customary closing conditions in the acquisition agreement, including regulatory clearances", it said.
Astrazeneca (AZN)
