Pharmaceutical firm Almirall has agreed with London-based AstraZeneca to transfer its drug platform for respiratory disease treatments.
Once the transaction is completed, AstraZeneca will pay USD 875 million for the rights.
Up to USD1.22 billion is additionally payable if certain milestones are reached with regard to the development, launch and commercialisation of existing and future drugs.
The German subsidiary, Almirall Sofotec, which develops inhalation technology, and a substantial number of employees dedicated to the respiratory disease business, will also transfer to AstraZeneca.
The transaction is subject to approval from the authorities and the consultation of the employee representatives.
An international team from CMS led by Dr Jens Wagner advised Almirall on legal aspects of the transaction. Hamburg-based partners Dr Jacob Siebert (M&A) and Dr Jörn Witt (life science/commercial) conducted the negotiations jointly with lead partner Wagner. Sarah Hanson from CMS London provided advice on English law.
Established in 1943, Almirall is listed on the Spanish Stock Exchange. It mainly produces drugs for treating diseases affecting the lungs, skin and gastrointestinal tract, as well as pain relievers. More than 3,000 employees generated sales of EUR825 million in 2013.
AstraZeneca was created in 1999 out of Swedish firm Astra AB and UK's Zeneca plc. With more than 51,500 employees worldwide and sales of USD25.7 billion (2012), it covers a range of drug-based areas of treatment.
