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(Sharecast News) - AstraZeneca said it had agreed to sell the rights to its cholesterol treatment Crestor to Germany's Grunenthal for up to $350m (£261m).
Under the deal Grünenthal would have the right to sell Crestor and associated medicines in more than 30 countries in Europe, except the UK and Spain, AstraZeneca said on Tuesday.
It will continue to make and supply the drug to Grünenthal during a transition period and sell it in other regions, including North America and China, it added.
Grünenthal could make milestone payments of up to $30m, AstraZeneca said. The deal is expected to close in the first quarter of 2021.
Financial guidance for 2020 would not be affected, the company said. In 2019, Crestor generated product sales of $136m and pre-tax profit of $98m in the countries covered by the agreement.
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LONDON MARKET MIDDAY: Gold shines amid interest rate cut hopes
(Alliance News) - Stock prices in London got a boost at midday on Monday, as investors eye a key UK inflation reading later in the week, which is expected to show cooling prices.
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