AstraZeneca’s rare disease arm in $1 billion deal for Pfizer gene therapies By Reuters

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© Reuters. FILE PHOTO-Take a look at tubes are seen in entrance of a displayed AstraZeneca emblem on this illustration taken, Could 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photograph

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By Yadarisa Shabong

(Reuters) -AstraZeneca mentioned on Friday its Alexion (NASDAQ:) unit had agreed to purchase U.S. drugmaker Pfizer (NYSE:)’s early-stage uncommon illness gene remedy portfolio for as much as $1 billion, plus royalties on gross sales, because the British drugmaker bets on new genetic therapies.

The British firm additionally mentioned Sharon Barr, head of analysis and growth at Alexion, would succeed Mene Pangalos, the long-time biopharmaceuticals head of analysis at AstraZeneca (NASDAQ:).

Pangalos was the general public face of the corporate’s COVID vaccine.

AstraZeneca purchased Alexion for $39 billion in 2021. It focuses on uncommon ailments and plans to shut the cope with Pfizer within the third quarter.

The deal will carry a variety of novel adeno-associated virus (AAV) capsids to Alexion and assist construct on Alexion and AstraZeneca’s capabilities in genomic medication.

AAV capsids have been proven to be an efficient mechanism for delivering therapeutic gene cargos for gene remedy and gene modifying, the corporate mentioned.

AstraZeneca final October additionally purchased U.S.-based gene remedy developer LogicBio Therapeutics for $68 million, an enormous 660% premium.

Drugmakers together with AstraZeneca, Merck & Co and AbbVie (NYSE:) mentioned in April they had been open to acquisitions. A drop in valuation of smaller U.S. biotech corporations from pandemic highs has made offers extra engaging.

AstraZeneca in January additionally struck a deal to purchase U.S.-based drug developer CinCor Pharma for as much as $1.8 billion to extend its inventory of coronary heart and kidney medication.

Individually on Friday, AstraZeneca delivered better-than-expected income and gross sales within the second quarter as a powerful efficiency of its blockbuster most cancers medication helped offset the lack of COVID vaccine gross sales.