Drugmaker AstraZeneca (AZN.L), opens new tab said on Thursday it would acquire rare endocrine diseases-focused firm Amolyt Pharma for $1.05 billion in cash, in a bid to boost its rare diseases portfolio.

Amolyt, backed by investors including Danish drugmaker Novo Nordisk's (NOVOb.CO), opens new tab parent firm Novo Holdings and EQT Life Sciences, is currently in the late-stage development of a therapy for hypoparathyroidism.
The deal, which includes an $800 million upfront payment and additional contingent payment of $250 million on achieving a specified regulatory milestone, is expected to close by the third quarter of 2024.
Advertisement · Scroll to continue

In almost a decade since AstraZeneca fended off a takeover by U.S. rival Pfizer (PFE.N), opens new tab, CEO Pascal Soriot has rebuilt the Anglo-Swedish drugmaker's pipeline, which includes 13 blockbuster medicines - those that generate more than $1 billion in annual sales.
Last month, Soriot said it was a "good time" for the company to do deals. The deal for Amolyt comes amid a string of acquisitions including a licensing deal late last year that gave AstraZeneca an entry into the booming anti-obesity drug market.
Advertisement · Scroll to continue

Revenue from the company's rare diseases portfolio, boosted by the $39 billion acquisition of Alexion in 2021, have also swelled in recent years, clocking nearly $7.8 billion in 2023. (Reuters)