Barcelona-based Almirall has entered an agreement to transfer its respiratory franchise to AstraZeneca for an initial consideration of $875 million on completion and up to $1.22 billion in development, launch and sales-related milestones. AZ also has agreed to make various sales-related payments.

AZ will own the rights for the development and commercialization of Almirall's existing proprietary respiratory business, including rights to revenues from Almirall's existing partnerships, as well as its pipeline of investigational novel therapies.  The franchise includes Eklira(aclidinium); LAS40464, the combination of aclidinium with formoterol, which has been filed for registration in the E.U. and is being developed in the U.S.; LAS100977 (abediterol), a once-daily, long-acting beta2-agonist (LABA) in phase II; an M3 antagonist beta2-agonist (MABA) platform in preclinical development (LAS191351, LAS194871) and phase I (LAS190792); and multiple preclinical programs.

Almirall Sofotec, an Almirall subsidiary focused on the development of innovative proprietary devices, also will transfer to AZ.

Almirall's pipeline of novel respiratory assets and its device capabilities further strengthen AZ's respiratory portfolio, which includes Symbicort and Pulmicort, as well as the company's investigational medicines in development. The addition of aclidinium and the combination of aclidinium with formoterol, both in proprietary Genuair device, will allow AZ to offer patients a choice between dry powder inhaler and metered dose inhaler devices across a range of molecules and combinations.

Almirall and AZ anticipate that, subject to local consultation and legislation, a significant number of employees dedicated to the respiratory business, including Almirall Sofotec employees, will transfer to AZ.

Subject to anti-trust and competition clearances, customary terms and conditions, the companies anticipate the transaction to complete by the end of 2014.