Pharma BD Deal Intelligence
A $575M acquisition of Takeda's respiratory bundle that shrank to a single decent asset: AstraZeneca kept roflumilast (Daliresp) until it went generic in February 2022, then had already offloaded Alvesco and Omnaris to Covis Pharma for $350M within two to three years as non-core.
AZ paid ~$575M for a respiratory bundle, kept the one good asset (Daliresp) until it went generic, and sold the other two brands off as non-core within 2-3 years for $350M.
Full analysis, sources & comparables →The agreement with Takeda complements our respiratory business, one of our three main therapy areas, supports our return to growth and will be immediately…
BioWorld characterized the $575M deal as AZ 'sewing up' global Daliresp rights, consolidating control of the only approved oral PDE4 inhibitor for COPD.
AZ characterized the deal as 'accretive to its 2016 earnings,' strengthening its respiratory franchise and complementing its severe COPD portfolio; 200 Takeda…
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AstraZeneca acquired Takeda's core respiratory business including expanded global rights to roflumilast (Daliresp/Daxas), the only approved oral PDE4 inhibitor for COPD, for $575M. Closed 2016.
AZ paid ~$575M for a respiratory bundle, kept the one good asset (Daliresp) until it went generic, and sold the other two brands off as non-core within 2-3 years for $350M.
Assessment window: 5yr post-close.
COPD is a progressive, irreversible airflow obstruction disease driven primarily by smoking and environmental exposures, characterized by emphysema and chronic bronchitis. It causes severe exacerbations, hospitalization, and is a leading cause of death in the US, with management focused on bronchodilators, inhaled corticosteroids, and exacerbation prevention.
The severe COPD market is dominated by inhaled long-acting bronchodilator combinations: GSK/Innoviva's Trelegy Ellipta (fluticasone/umeclidinium/vilanterol), AstraZeneca's own Symbicort (budesonide/formoterol) and Bevespi Aerosphere, Boehringer Ingelheim's Spiriva (tiotropium) and Stiolto Respimat, and Novartis/Sunovion's Utibron. Roflumilast (Daliresp/Daxas), a once-daily oral PDE4 inhibitor, occupies a narrow but defended niche as the only approved oral anti-inflammatory for severe COPD with chronic bronchitis and exacerbation history — used as an add-on to bronchodilators rather than a replacement. The Takeda transaction consolidated AZ's already-licensed US Daliresp rights with full ex-US Daxas rights and bolted on Alvesco and Omnaris (ciclesonide), creating a more complete severe-COPD platform around Symbicort. The deal made strategic sense at $575M against $198M in acquired sales, leveraging existing AZ respiratory commercial infrastructure. Roflumilast subsequently faced generic erosion post-2020, limiting long-term franchise value.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| AstraZeneca PLC / Takeda Pharmaceutical Company Limited (core respiratory business) (this deal) | 2015 | $575M | 41 |
| AstraZeneca PLC / Daiichi Sankyo Company, Limited | 2019 | $6.9B | 100 |
| AstraZeneca PLC / KuDOS Pharmaceuticals Limited | 2005 | $210M | 98 |
| AstraZeneca PLC / Alexion Pharmaceuticals Inc. | 2020 | $39.0B | 86 |
| AstraZeneca PLC / Acerta Pharma | 2015 | $4.0B | 86 |
| AstraZeneca PLC / Amgen Inc. | 2020 | $2.3B | 84 |
| AstraZeneca PLC / MedImmune Inc. | 2007 | $15.6B | 82 |
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More: 2015 deals · AstraZeneca PLC deals · Respiratory deals