AZN acquires respiratory portfolio and pipeline from Almirall: http://online.wsj.com/articles/astrazeneca-to-buy-rights-to-almirall-respiratory-drugs-1406707162 AstraZeneca PLC has agreed to buy the rights to a portfolio of inhaled drugs from Almirall SA in a deal worth up to $2.1 billion, a significant step toward expanding its respiratory business and the type of pipeline-boosting deal favored by Chief Executive Pascal Soriot. The deal will give the U.K. drug maker a type of treatment for chronic obstructive pulmonary disease which it currently lacks, a new type of inhaler and a portfolio of pipeline drugs, potentially helping it compete better with rivals such as respiratory-market leader GlaxoSmithKline …However, the deal doubles up on a number of pipeline drugs that AstraZeneca acquired through its 2013 purchase of Pearl Therapeutics [#msg-88847837]. "We see a significant overlap with the recently acquired Pearl's assets, which could raise questions about AstraZeneca's strategy in respiratory," Morgan Stanley said in a research note. AstraZeneca said it would pay the Spanish drug maker an initial consideration of $875 million and up to a further $1.22 billion in development, launch and sales-related milestones and payments. That values the portfolio around 2.6 times revenue, Panmure Gordon said in a note.