AstraZeneca to market and develop Almirall respiratory-research products
The Catalan pharmaceutical could see $2,095 millions thanks to this agreement
On 30 July, Almirall reached an agreement with British company AstraZeneca to transfer the rights to their respiratory business. The operation entailed an initial payment of $875 millions and is expected to net Almirall more than $2,095 millions.
Once the transaction has been completed, which is expected for late 2014, AstraZeneca will own the rights to develop and market Almirall’s existing respiratory products. This agreement is expected to benefit the Catalan pharmaceutical company, which recently presented its results from the first half of the year showing turnover of €19.1 millions, up 8.5% from the same period last year.
Almirall and AstraZeneca foresee that, subject to local consultation and legislation, a significant number of employees working in the respiratory area, including employees of Almirall Sofotec, will be transferred to AstraZeneca.
For Almirall, this agreement is a great opportunity that will give the Barcelona-based pharmaceutical company new resources to devote to other specializations, especially dermatology. “This important agreement allows us to better develop our assets and expertise in respiratory with AstraZeneca, an experienced player in this therapeutic area. It also allows us to better balance the costs, risks and returns of the respiratory business... R&D will remain a key part of Almirall's business going forward and hopefully a significant long-term growth driver,” said Jorge Gallardo, president of Almirall.
The drugs in Almirall’s respiratory area make up 30% of the company’s sales, ahead of those in the respiratory area, which are 27% of the total. However, it is difficult to compete in the field of respiratory diseases, as it requires large clinical trials and significant investment in marketing. Instead, Almirall will focus on dermatology and, according to Reuters, probably seek out small acquisitions and licensing agreements to build this business.
It must be noted that the agreement also covers transfer of marketing of a new Almirall drug Eklira®, to treat chronic obstructive pulmonary disease (COPD), to AstraZeneca. Sales of this new drug will help the British pharmaceutical company, which is currently fighting a wave of expiring patents on its own most successful drugs.
More information is available in the Almirall press release.