|
 The British firm, which is betting on new drugs for cancer and other
diseases to revive its fortunes, has sold or licensed out a raft of
aging products recently. Some analysts have criticized the trend for
unduly propping up its earnings.
Grunenthal will acquire global rights to Zomig in all markets
outside Japan, paying AstraZeneca $200 million upon completion of
the deal. AstraZeneca will also receive up to $102 million in future
milestone payments.
In 2016, AstraZeneca's revenue from Zomig outside Japan was $96
million.
The two companies added that Impax Pharmaceuticals, which had
previously licensed rights to the drug in the United States, would
continue to sell Zomig in that market.
For Grunenthal - best-known as the company that initially developed
thalidomide as a morning sickness drug - the acquisition builds up
its growing business in pain products.
Chief Executive Gabriel Baertschi said it was an important step in
reaching the group's ambition to become a company with 2 billion
euros ($2.25 billion) of sales by 2022. Sales in 2016 totaled around
1.4 billion euros.
[to top of second column] |
Like other recent drug divestments, the Zomig agreement does not
impact AstraZeneca's financial guidance for 2017.
(Reporting by Ben Hirschler; editing by Jason Neely)
[© 2017 Thomson Reuters. All rights
reserved.] Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed. |
