By Anthony O. Goriainoff

AstraZeneca said Friday that its Alexion division will buy a portfolio of preclinical rare-disease gene therapies from Pfizer for up to $1 billion, plus tiered royalties on sales.

The London-listed pharmaceutical giant said the definitive purchase and license agreement will bring Alexion--its rare-disease business--several new resources, which will build on the company's combined capabilities in genomic medicine. The company said it intends to develop new genetic therapies with improved safety and efficacy profiles.

AstraZeneca said it plans to close the transaction in the third quarter, subject to closing conditions being met.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

July 28, 2023 02:55 ET (06:55 GMT)

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