AstraZeneca To Buy Amolyt Pharma For Up To $1.05 Bln To Expand Late-stage Rare Disease Pipeline

(RTTNews) - British drug major AstraZeneca Plc. (AZN.L, AZN) announced Thursday that it has entered into a definitive agreement to acquire Amolyt Pharma, a clinical-stage biotechnology company focused on rare endocrine diseases.

Under the deal terms, AstraZeneca will buy Amolyt Pharma for a total consideration of up to $1.05 billion, on a cash and debt free basis.

The consideration includes $800 million upfront at deal closing. There will also be the right for Amolyt Pharma's shareholders to receive an additional contingent payment of $250 million payable upon achievement of a specified regulatory milestone.

The deal is expected to 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.

Amolyt Pharma develops eneboparatide (AZP-3601), a Phase III investigational therapeutic peptide with a novel mechanism of action designed to meet key therapeutic goals for hypoparathyroidism.

AstraZeneca expects the proposed acquisition will bolster the Alexion, AstraZeneca Rare Disease late-stage pipeline and expand on its bone metabolism franchise.

Marc Dunoyer, Chief Executive Officer, Alexion, AstraZeneca Rare Disease, said, "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. We believe this programme, together with Amolyt's talented team, expertise and earlier pipeline, will enable our expansion into rare endocrinology."

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