(Alliance News) - AstraZeneca PLC on Wednesday said rare disease business Alexion has signed a purchase and licence agreement for a rare disease programme portfolio from Pfizer Inc.

The Cambridge-based pharmaceutical firm said Alexion will acquire the preclinical rare disease gene therapy programme portfolio from Pfizer for USD1 billion.

The sale will also include tiered sales royalties, it said.

AstraZeneca said the deal will provide further resources to expand its genomic medicine capabilities, and help it to develop genetic therapies that are safer and more effective.

AstraZeneca added that several Pfizer employees connected to the portfolio will join Alexion as employees.

Alexion was acquired by AstraZeneca in 2021, forming its rare disease-focused sector.

AstraZeneca shares were up 1.9% to 10,822.00 pence each on Wednesday morning in London.

By Harvey Dorset, Alliance News reporter

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