AstraZeneca has reached a deal to buy biotech company Amolyt Pharma for just over $1 billion. This continues a series of targeted acquisitions by European pharmaceutical companies, which seek to focus more on innovative medicines.
The British drugmaker said it will pay an $800 million down payment for Amolyt, a French company focused on developing treatments for rare endocrine diseases. The remaining amount will be payable upon reaching certain regulatory milestones.
Astra said the acquisition will help strengthen its rare disease pipeline and expand into bone metabolism with the addition of a peptide designed to help treat hypoparathyroidism — a condition that can lead to complications such as chronic kidney disease .
Astra shares were virtually unchanged in early trading in London, while they are down 1.6% since the start of the year.