AstraZeneca will acquire Amolyt Pharma for up to $1.05 billion in total consideration
The transaction is expected to close in the third quarter of 2024
LYON, France and CAMBRIDGE, Mass., March 14, 2024 (GLOBE NEWSWIRE) -- Amolyt Pharma, a global, clinical-stage biopharmaceutical company specializing in developing therapeutic peptides for rare endocrine and related diseases, today announced it has entered into a definitive agreement for AstraZeneca to acquire Amolyt Pharma at a purchase price of $800 million upfront and a potential milestone payment of $250 million. Alexion, AstraZeneca Rare Disease is looking forward to welcoming talent from Amolyt Pharma.
“We are proud of the remarkable achievements of our team in building and developing a portfolio of therapeutic peptides with the potential to address significant unmet needs for rare endocrine and related diseases, having advanced eneboparatide to Phase 3 for hypoparathyroidism and created an early-stage pipeline in less than 5 years. We are grateful to the investigators, patients, and patient associations who have supported us to reach these goals,” said Thierry Abribat, Ph.D., Founder and Chief Executive Officer of Amolyt Pharma. “We are looking forward to the development of our portfolio as part of Alexion, AstraZeneca Rare Disease, an organization with proven expertise and a successful track-record in bringing innovative therapies to patients with rare diseases globally.”
Pierre Legault, Chairman of Amolyt Pharma’s Board of Directors, added, “Today’s announcement recognizes the significant value we have built for our shareholders and patients. We are confident that with Alexion, our innovative science will be even better positioned to ultimately reach patients with rare diseases around the world.”
Marc Dunoyer, Chief Executive Officer, Alexion, AstraZeneca Rare Disease, said: “Chronic hypoparathyroid patients face a significant need for an alternative to current supportive therapies, which do not address the underlying hormone deficiency. As leaders in rare disease, Alexion is uniquely positioned to drive the late-stage development and global commercialisation of eneboparatide, which has the potential to lessen the often debilitating impact of low parathyroid hormone and avoid the risks of high-dose calcium supplementation. We believe this programme, together with Amolyt’s talented team, expertise, and earlier pipeline, will enable our expansion into rare endocrinology.”
Amolyt’s clinical pipeline includes differentiated therapeutic peptides for the treatment of underserved rare endocrine disease. Eneboparatide (AZP-3601) is an investigational daily subcutaneous injectable parathyroid hormone receptor 1 (PTHR1) agonist for the treatment of hypoparathyroidism, that is currently in Phase 3. AZP-3813 is a peptide growth hormone receptor antagonist for the potential treatment of acromegaly that is in Phase 1.
Terms of the agreement
Under the terms of the agreement, AstraZeneca will acquire all of Amolyt Pharma’s outstanding shares for a total consideration of up to $1.05B, on a cash and debt free basis. This includes $800 million upfront at deal closing, plus the right for Amolyt Pharma’s shareholders to receive an additional contingent payment of $250 million payable upon achievement of a specified regulatory milestone.
Subject to the satisfaction of customary closing conditions in the acquisition agreement, including regulatory clearances, the transaction is expected to close by the end of the third quarter of 2024.
Centerview Partners LLC and Goldman Sachs Bank Europe SE acted as financial advisors to Amolyt, and Cooley LLP and Jones Day acted as legal counsels for Amolyt and its shareholders.
About Amolyt Pharma
Amolyt Pharma, a clinical stage biotechnology company, is building on its team’s established expertise to deliver life-changing treatments to patients suffering from rare endocrine and related diseases. Its development portfolio includes eneboparatide (AZP-3601), a long-acting PTH1 receptor agonist as a potential treatment for hypoparathyroidism, and AZP-3813, a peptide growth hormone receptor antagonist for the potential treatment of acromegaly. Amolyt Pharma aims to further expand and develop its portfolio by leveraging its global network in the field of endocrinology and with support from a strong syndicate of international investors. To learn more, visit https://amolytpharma.com/ or follow us on Twitter and LinkedIn.
Amolyt Contact:
Patrick Loustau
Chief Business Officer
ploustau@amolyt.com
Media inquiries:
Jordyn Temperato
LifeSci Communications
jtemperato@lifescicomms.com
Investor inquiries:
Ashley Robinson
LifeSci Advisors, LLC
arr@lifesciadvisors.com
+1 617.430.7577
