AstraZeneca completes bn respiratory franchise deal
AstraZeneca has completed a bn (£1.25bn) deal to buy the rights to Almirall's respiratory franchise.
The transaction gives AstraZeneca ownership of the rights for the development and commercialisation of the Spanish group's proprietary respiratory business, including rights to revenues from Almirall's existing partnerships, as well as its pipeline of investigational novel therapies.
This deal was first announced on 30 July 2014. The transaction includes an upfront cash payment upon completion of 5m (£547.5m) and up to .22bn (£0.76bn) related to development, launch and sales-related milestones.
AstraZeneca, which is currently developing a new headquarters and research facility in Cambridge, has also agreed to make various sales-related payments.
AstraZeneca chief executive Pascal Soriot said: "Respiratory disease is one of our company's key therapeutic areas, and the combination of these exciting portfolios reinforces our long-term commitment to patients with asthma and COPD. Our expanded product and device offering will enable us to bring better treatment options to patients."
Jorge Gallardo, president of Almirall, added: "This global collaboration will allow us to maximise the potential value of our exciting respiratory franchise and AstraZeneca is the perfect partner to do this. Moreover, the deal has given us a strong financial baseline to accelerate our strategy and to start focusing our resources in becoming a top dermatology global player with an additional interest in other specialist driven areas.
"Excellence in R&D will remain a key part of Almirall's business going forward and we are confident that this agreement will make a significant contribution to the company’s long-term growth."