AstraZeneca will pay $875 million initially, plus up to an additional $1.22 billion to acquire development and commercialization rights to Almirall’s entire respiratory drug business. Almirall’s respiratory products include the Eklira/Bretaris/Tudorza aclidinium DPI, an aclidinium/formoterol DPI, and several other inhaled drugs in development. The company’s inhalation R&D subsidiary, Almirall Sofotec, will also become part of AstraZeneca.
The companies said that they expect the deal to be complete by the end of 2014 and that “a significant number of employees dedicated to the respiratory business, including Almirall Sofotec employees, will transfer to AstraZeneca.”
AstraZeneca CEO Pascal Soriot commented, “Our agreement with Almirall brings strategic and long-term value to AstraZeneca’s strong respiratory franchise, one of our key growth platforms. We will benefit from immediate and growing product revenues which we anticipate will be rapidly accretive to earnings. Chronic respiratory disease affects hundreds of millions of people around the world. By combining our innovative portfolios and leveraging AstraZeneca’s global scientific and commercial capabilities, we will strengthen our ability to address the entire spectrum of care in asthma and COPD. I very much look forward to welcoming the Almirall people to our company.”
Almirall President Jorge Gallardo said, “This important agreement allows us to better develop our assets and expertise in respiratory with AstraZeneca, an experienced player in this therapeutic area. It also allows us to better balance the costs, risks and returns of the respiratory business while retaining an important economic interest in its future success. All this constitutes a very solid baseline to move more aggressively in specialty areas and particularly towards becoming a global dermatology player. R&D will remain a key part of Almirall’s business going forward and hopefully a significant long-term growth driver.”
Read the AstraZeneca press release.
