Sofinnova Partners announced on March 14 that its portfolio company, Amolyt Pharma, has entered into a definitive agreement with AstraZeneca for its acquisition. The transaction 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.
Amolyt Pharma is a global, clinical-stage biopharmaceutical company specializing in the development of therapeutic peptides for rare endocrine and related diseases. Its 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.
AstraZeneca engages in the research, development and manufacture of pharmaceutical products. AstraZeneca focuses on prescription medicines in the areas of infection, cardiovascular, metabolic, respiratory, inflammation, autoimmune, oncology and neuroscience. According to its full year report, the company had total revenues of $45.8 billion annually during 2023.
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.
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.
According to data captured in the LevinPro HC database, this acquisition marks the 39th Biotechnology transaction of 2024. There were 157 Biotechnology transactions announced during 2023, and 141 announced during 2022.
