AstraZeneca buys Almirall lung drugs for up to $2.1 billion

AstraZeneca (AZN.L) took a major step to build up its respiratory medicine business on Wednesday by striking a deal worth up to $2.1 billion for the rights to Spanish group Almirall's (ALM.MC) lung drugs. The British drugmaker, which resisted a $118 billion takeover attempt by Pfizer (PFE.N) in May, said it would pay an initial $875 million and up to $1.22 billion more if the drugs meet development and sales targets. The tie-up boosts a key therapeutic area for AstraZeneca, whose Chief Executive Pascal Soriot is determined to show his company has a strong independent future. Soriot also struck a clinical trial collaboration with Japan's Kyowa Hakko Kirin (4151.T) for a study that will evaluate a combination of the two companies' drugs in cancer - another important field for AstraZeneca.

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