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AstraZeneca announces Almirall deal worth up to $2.1B

Simon Dawson | Bloomberg | Getty Images

AstraZeneca took a major step to build up its respiratory medicine business on Wednesday by striking a deal worth up to $2.1 billion to acquire the rights to lung drugs developed by Spain's Almirall.

The British drugmaker, which resisted a $118 billion takeover attempt by Pfizer in May, said it would pay an initial $875 million and up to $1.22 billion in development, launch and sales-related milestones for access to Almirall's existing and pipeline respiratory drugs.

. Read MorePfizer decides to drop AstraZeneca deal

"Our agreement with Almirall brings strategic and long-term value to AstraZeneca's strong respiratory franchise, one of our key growth platforms. We will benefit from immediate and growing product revenues which we anticipate will be rapidly accretive to earnings," Pascal Soriot, CEO of AstraZeneca, said in a statement.

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