AstraZeneca Completes Strategic Transaction with Almirall in Respiratory Disease

AstraZeneca has completed the strategic transaction to transfer the rights to Almirall’s respiratory franchise to the company.

The business combination gives AstraZeneca ownership of the rights for the development and commercialisation of Almirall’s proprietary respiratory business, including rights to revenues from Almirall’s existing partnerships, as well as its pipeline of investigational novel therapies.

The franchise includes Eklira (aclidinium); Duaklir Genuair, the combination of aclidinium with formoterol (LAMA/LABA) that has received a positive opinion from the CHMP in the EU and is being developed in the US; LAS100977 (abediterol), a once-daily long-acting beta2-agonist (LABA) in Phase II; an M3 antagonist beta2-agonist (MABA) platform in pre-clinical development (LAS191351, LAS194871) and Phase I (LAS190792); and multiple preclinical programmes. Almirall Sofotec, an Almirall subsidiary focused on the development of innovative proprietary devices, also transfers to AstraZeneca.

From completion, AstraZeneca will access all on-market revenues, contributing to the company’s return to growth. The company expects the transaction to be neutral to Core EPS in 2015 and accretive from 2016. The transaction will have no impact on AstraZeneca’s guidance for 2014.

Pascal Soriot, CEO, AstraZeneca, said: “I am delighted to welcome our Almirall colleagues to AstraZeneca. 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.”

Following the completion of the transaction, AstraZeneca will pay Almirall approximately $875 million of initial consideration, subject to adjustment for working capital, and up to $1.22 billion in development, launch and sales-related milestones. AstraZeneca has also agreed to make various sales-related payments.