LONDON (AP) — Anglo-Swedish drug firm AstraZeneca has acquired U.S.-based biopharmaceutical company ZS Pharma in a deal worth $2.7 billion.
The deal will give AstraZeneca access to ZS Pharma's treatment for hyperkalemia, a condition of elevated potassium in the bloodstream that is associated with chronic kidney disease and chronic heart failure. The treatment, potassium-binding compound ZS-9, is under regulatory review by the U.S. Food and Drug Administration.
The deal values the San Mateo, California-based company at $90 a share.
ZS Pharma's CEO Robert Alexander says the agreement will maximize the potential of ZS-9 and draw on AstraZeneca's expertise in developing medicines for cardiovascular and metabolic diseases.
Like other big drugmakers, AstraZeneca is trying to build its product portfolio to combat competition from generic drugmakers as it loses exclusivity on top sellers.