AstraZeneca Completes Acquisition Of Almirall's Respiratory Business

AstraZeneca announced the completion of its acquisition of Almirall’s respiratory drugs franchise, containing a pipeline and a line of devices to treat lung diseases, including asthma and chronic obstructive pulmonary disease (COPD).

The transaction was previously announced by the British drug maker in July this year. As part of the agreement, AZ gains the rights to develop and commercialize Almirall’s respiratory drugs business and will be able to receive any revenues from Almirall’s existing partnerships. AstraZeneca will pay Almirall an initial $875 million and up to $1.22 billion in development, launch, and sales-based milestones, apart from other sales-related payments.

AZ’s acquired drugs from the franchise are Eklira (aclidinium), Duaklir, and Genuair, a combo treatment comprised of aclidinium with formoterol (LAMA/LABA). Genuair has been backed by the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) and is undergoing development in the U.S. Other drug leads include an M3 antagonist beta2-agonist (MABA) platform in pre-clinical (LAS191351, LAS194871) and Phase 1 (LAS190792) development; LAS100977 (abediterol), a once-daily long-acting beta2-agonist (LABA) currently in Phase 2 clinical development; and several other pre-clinical programs. AZ also gains the Almirall subsidiary, Almirall Sofotec, which develops medical devices.

From now on, AstraZeneca has rights to all on-market revenues of the drugs, which the company expects will lift its own growth. The acquisition will have no impact on the British big pharma’s financial guidance for 2014.

Pascal Soriot, CEO of AstraZeneca, said that the company welcomes Almirall colleagues to its team. “Respiratory disease is one of our company’s key therapeutic areas, and the combination of these exciting portfolios reinforces our long-term commitment to patients with asthma and COPD. Our expanded product and device offering will enable us to bring better treatment options to patients.”

The Wall Street Journal reported at the time of the previous announcement that the transaction is the latest in AZ’s string of deals aimed at increasing the company’s value, following its rebuff of a $120 billion takeover from Pfizer.