March 14 (Reuters) - Drugmaker AstraZeneca (AZN.L), opens new tab said on Thursday it would acquire endocrine diseases-focused firm Amolyt Pharma for $1.05 billion in cash, in a bid to boost its rare diseases portfolio.

France's Amolyt, backed by investors including Danish drugmaker Novo Nordisk's (NOVOb.CO), opens new tab parent firm Novo Holdings and EQT Life Sciences, is currently in the late-stage development of a therapy for hypoparathyroidism called eneboparatide.

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The deal, which includes an $800 million upfront payment and an additional contingent payment of $250 million on achieving a specified regulatory milestone, is expected to close by the third quarter of 2024.

Revenue from AstraZeneca's rare diseases portfolio, boosted by the $39 billion acquisition of Alexion in 2021, has swelled in recent years, to nearly $7.8 billion in 2023.

Phase III trial results for eneboparatide are expected next year with a possible launch to follow, Alexion CEO Marc Dunoyer told Reuters in an interview, adding that the therapy had blockbuster potential, or one that could generate over $1 billion in annual sales.

Alexion inked a deal last year to buy U.S. drugmaker Pfizer's (PFE.N), opens new tab early-stage rare disease gene therapy portfolio for up to $1 billion, plus royalties on sales. It also bought genomic medicines firm LogicBio Therapeutics in 2022.

Over the near decade since AstraZeneca fended off a takeover by its U.S. rival Pfizer, its CEO Pascal Soriot has rebuilt the Anglo-Swedish drugmaker's pipeline, which includes 13 blockbuster medicines.

Last month, Soriot said it was a "good time" for AstraZeneca to do deals, after a string of acquisitions including a licensing deal late last year that gave it an entry into the booming anti-obesity drug market.

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