March 14 Reuters Drugmaker AstraZeneca said on Thursday it would acquire rare endocrine diseasesfocused firm Amolyt Pharma for 1.05 billion in cash, in a bid to boost its rare diseases portfolio.

Amolyt, backed by investors including Danish drugmaker Novo Nordisk39;s parent firm Novo Holdings and EQT Life Sciences, is currently in the latestage development of a therapy for hypoparathyroidism.

The deal, which includes an 800 million upfront payment and additional contingent payment of 250 million on achieving a specified regulatory milestone, is expected to close by the third quarter of 2024.

In almost a decade since AstraZeneca fended off a takeover by U.S. rival Pfizer, CEO Pascal Soriot has rebuilt the AngloSwedish drugmaker39;s pipeline, which includes 13 blockbuster medicines those that generate more than 1 billion in annual sales.

Last month, Soriot said it was a good time for the company to do deals. The deal for Amolyt comes amid a string of acquisitions including a licensing deal late last year that gave AstraZeneca an entry into the booming antiobesity drug market.

Revenue from the company39;s rare diseases portfolio, boosted by the 39 billion acquisition of Alexion in 2021, have also swelled in recent years, clocking nearly 7.8 billion in 2023.

Reporting by Eva Mathews in Bengaluru; Editing by Savio D39;Souza and Rashmi Aich

Source Reuters