AstraZeneca announced an agreement to pay up to $2.1 billion to purchase Spanish pharmaceutical Almirall's respiratory drug portfolio.
AstraZeneca will first pay $875 million for the rights to Almirall's drugs. If development and sales figures are met, AstraZeneca will pay up to $1.2 billion more, according to a company news release.
"Chronic respiratory disease affects hundreds of millions of people around the world," said AstraZeneca CEO Pascal Soriot in the news release. "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 [chronic obstructive pulmonary disorder]."
Subject to review, the companies expect the transaction to be complete by the end of the year.
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