(Alliance News) - AstraZeneca PLC on Friday said it has divested the rights to cancer drugs Arimidex and Casodex in a number of countries to Juvise Pharmaceuticals for up to USD198 million.
The FTSE 100-listed drug major, which has its headquarters in Cambridge, sold the commercial rights to the two drugs in numerous countries, primarily in Europe and Africa. These countries include France, Austria, Germany, Cyprus, Turkey, Morocco, Mali, and Cameroon.
Arimidex and Casodex treat mostly breast and prostate cancers respectively and have lost their compound patent protection in the countries where rights have been sold. The US rights to the drugs were already sold in 2017.
Juvise has paid USD181 million upfront to Astra and may make additional sales-contingent payments up to a maximum of USD17 million. In 2018, Arimidex had sales of USD37 million in the countries covered by the new agreement, while Casodex sales were USD24 million.
These divestments will not alter Astra's 2019 financial guidance, it said, and any income from the upfront and future payments will be reported in Astra's financial statements under "other operating income & expense".
Shares in Astra were down 0.2% at 7,622.00 pence in London early Friday morning.
By Anna Farley; annafarley@alliancenews.com
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Astrazeneca (AZN)