AstraZeneca buys Almirall lung drugs for up to $2.1B

AstraZeneca 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 lung drugs.

The British drugmaker, which in May resisted a $118 billion takeover attempt by Pfizer, agreed to pay Almirall $875 million up front and up to $1.22 billion if the the drugs meet development and sales targets, according to Fox Business.

According to the article, the deal is a notable win for Almirall, giving it extra funding to increase its focus on dermatology.

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