( Reuters ) - AstraZeneca is paying up to $310 million to boost its asthma portfolio by acquiring paediatric programmes from U.S. specialty pharmaceutical firm Verus Pharmaceuticals, the companies said on Monday.
Under the deal, Verus will receive an upfront payment of $30 million, development expense reimbursements and a potential earn-out payment of $280 million.
No further terms of the deal were disclosed.
The acquisition is a relatively small deal for Anglo-Swedish AstraZeneca, which has been stepping up its deal-making with outside companies following a number of late-stage product setbacks.
The London-based group already has a significant presence in respiratory disease, led by its flagship product Symbicort, which was launched in the United States in June.
Symbicort is already a $1.2 billion-a-year seller outside the United States and a key driver for AstraZeneca. It competes with GlaxoSmithKline's rival inhaler Advair.