AstraZeneca to Buy Amolyt Pharma for up to $1.05 Billion
Britain's AstraZeneca is to acquire Amolyt Pharma, a clinical-stage biotechnology company focused on developing novel treatments for rare endocrine diseases, more than $1 billion.
AstraZeneca said that the deal will bolster the drugs pipeline of its rare disease business Alexion and expand on its bone metabolism franchise with the addition of eneboparatide (AZP-3601), a Phase III investigational therapeutic peptide with a novel mechanism of action for the treatment of hypoparathyroidism.
Marc Dunoyer, CEO of Alexion, said: “Chronic hypoparathyroid patients face a significant need for an alternative to current supportive therapies, which do not address the underlying hormone deficiency. As leaders in rare disease, Alexion is uniquely positioned to drive the late-stage development and global commercialization 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.”
Amolyt Pharma’s CEO Thierry Abribat added: “This agreement offers the opportunity to meaningfully advance our pipeline therapies. Strong Phase II data suggest eneboparatide has the potential to improve outcomes for patients and to shift the treatment paradigm for hypoparathyroidism, and we look forward to seeing the continued advancement of the Phase III trial.”
Under the terms of the agreement, AstraZeneca will acquire all of Amolyt Pharma’s outstanding shares for a total consideration of up to $1.05 billion, on a cash and debt free basis. This includes $800 million upfront at deal closing, plus 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 transaction, which is subject to certain customary and regulatory conditions, is expected to close by the end of the third quarter of 2024.
