AstraZeneca to acquire Almirall's respiratory franchise, for up to $2.1 billion

Anglo-Swedish pharma major AstraZeneca (LSE: AZN) has entered an agreement to gain rights to the respiratory franchise of Spain’s largest drugmaker Almirall (ALM: MC) for an initial consideration of $875 million on completion, and up to $1.22 billion in development, launch, and sales-related milestones. AstraZeneca has also agreed to make various sales-related payments.

On completion of the transaction, AstraZeneca will own the rights for the development and commercialization of Almirall’s existing proprietary respiratory business, including rights to revenues from Almirall’s existing partnerships, as well as its pipeline of investigational novel therapies.

Commenting on the deal announced this morning, Mick Cooper, an analyst at Edison Investment Research, said: “A smart deal by AstraZeneca, its respiratory franchise has considerable momentum at the moment and this agreement fills in the gaps in the portfolio.” The company’s shares edged up 1.1% to £43.69 just after the markets opened, while Almirall jumped 8.8% to 11.70 euros.