March 14 (Reuters) - Drugmaker AstraZeneca said

on Thursday it would acquire rare endocrine diseases-focused

firm Amolyt Pharma for $1.05 billion in cash, in a bid to boost

its rare diseases portfolio.

Amolyt, backed by investors including Danish drugmaker Novo

Nordisk's parent firm Novo Holdings and EQT Life

Sciences, is currently in the late-stage development of a

therapy for hypoparathyroidism.

The deal, which includes an $800 million upfront payment and

additional contingent payment of $250 million on achieving a

specified regulatory milestone, is expected to close by the

third quarter of 2024.

In almost a decade since AstraZeneca ( AZN ) fended off a takeover

by U.S. rival Pfizer ( PFE ), CEO Pascal Soriot has rebuilt the

Anglo-Swedish drugmaker's pipeline, which includes 13

blockbuster medicines - those that generate more than $1 billion

in annual sales.

Last month, Soriot said it was a "good time" for the company

to do deals. The deal for Amolyt comes amid a string of

acquisitions including a licensing deal late last year that gave

AstraZeneca ( AZN ) an entry into the booming anti-obesity drug market.

Revenue from the company's rare diseases portfolio, boosted

by the $39 billion acquisition of Alexion in 2021, have also

swelled in recent years, clocking nearly $7.8 billion in 2023.