AstraZeneca Signs Three Biotech Deals

AstraZeneca has entered three deals with biotech companies in a drive to broaden its product pipeline. In one deal, the company will work with U.K.-based Argenta Discovery to identify long-acting muscarinic antagonists and dual-acting muscarinic antagonist-β2 agonist drug candidates for the treatment of chronic obstructive pulmonary disease. Argenta will receive a $21 million up-front fee, research funding, and milestone payments that could bring the deal's total value to $500 million. Separately, AstraZeneca has joined forces with Palatin Technologies to develop small molecules targeting melanocortin receptors for the treatment of obesity. Palatin will receive a $10 million up-front payment and could rake in another $300 million in milestone payments. AstraZeneca also has acquired Arrow Therapeutics for $150 million in a deal expected to close early this year. Arrow specializes in discovery and development of antiviral therapies.