AstraZeneca offloads Atacand rights in $200m deal

(Sharecast News) - AstraZeneca has agreed to sell the commercial rights to Atacand - candesartan cilexetil - and Atacand Plus - a fixed-dose combination of candesartan cilexetil and hydrochlorothiazide - in Europe to Cheplapharm Arzneimittel, it announced on Tuesday.The FTSE 100 drugmaker described Atacand as a prescription medicine for the treatment of heart failure and hypertension.It said the agreement was expected to complete in the third quarter of 2018.AstraZeneca would continue to manufacture and supply Atacand and Atacand Plus under a supply agreement, and would continue to commercialise the medicines in all markets where it still holds the rights.Cheplapharm would pay AstraZeneca $200m on completion of the agreement, plus a time-bound payment of $10m and sales-contingent milestones.The upfront and time-bound payments were expected to be reported in AstraZeneca's financial statements in 2018, with all income expected to be reported as 'other operating income'.In 2017, global product sales for Atacand and Atacand Plus were $300m, including $86m in Europe.The agreement would not impact the company's financial guidance for the 2018 financial year, the board confirmed."This agreement forms part of our strategy of streamlining our portfolio of mature medicines to enable reinvestment in our main therapy areas and bringing new medicines to patients," said AstraZeneca's executive vice-president of global product and portfolio strategy Mark Mallon."Cheplapharm's strong European presence will help expand the commercial potential of Atacand."