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 AstraZeneca, which saw off a $120 billion takeover attempt by Pfizer
in 2014, said the sale would allow it to focus on developing new
medicines in its main areas of cancer, and respiratory and
cardiovascular diseases.
The U.S. company, which on Monday bought cancer drug firm Medivation
for $14 billion in cash, said the antibiotics would enhance its
portfolio of more than 60 anti-infective and anti-fungal medicines.
The medicines include approved antibiotics Merrem, Zinforo and
Zavicefta, and ATM-AVI and CXL, which are in clinical development,
AstraZeneca said.
Pfizer will pay $550 million upon completion and a further
unconditional $175 million in January 2019, AstraZeneca said.
It will also pay up to $250 million in milestone fees, up to $600
million in sales-related payments and recurring, double-digit
royalties on future sales of Zavicefta and ATM-AVI in certain
markets.
The two established medicines in the deal --- Merrem, used to treat
serious infections in hospitalised patients, and Zinforo, an
intravenous antibiotic used for skin and soft tissue infections and
pneumonia -- generated sales of $250 million in 2015, AstraZeneca
said.
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The British company said the agreement did not impact its financial
guidance for 2016.
Its shares were trading down 0.2 percent in early deals on
Wednesday, broadly in line with the market .
(Reporting by Paul Sandle; editing by Kate Holton/Keith Weir)
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