AstraZeneca agrees takeover of ZS Pharma

AstraZeneca has announced a deal to acquire the biopharmaceutical company ZS Pharma for $2.7 billion (1.77 billion pounds).

The company uses proprietary ion­-trap technology to develop novel treatments for hyperkalaemia, a serious condition of elevated potassium in the bloodstream that is typically associated with chronic kidney disease and heart failure.

By purchasing ZS Pharma, AstraZeneca will gain access to the potassium-binding compound ZS-9, a potential best-in-class treatment for hyperkalaemia that is under regulatory review in the US. A submission for European authorisation is planned by the end of 2015.

The acquisition is expected to contribute AstraZeneca's product sales from 2016, with current estimates for global peak annual sales of ZS-9 exceeding $1 billion.

Pascal Soriot, chief executive officer of AstraZeneca, said: "This acquisition complements our strategic focus on cardiovascular and metabolic disease by adding a potential best-in-class treatment to our portfolio of innovative medicines."

The firm announced its financial results for the third quarter of 2015 last week, highlighting a stable revenue performance for the year to date.