LONDON (Alliance News) - AstraZeneca PLC said on Tuesday it has agreed to sell the commercial rights to Atacand and Atacand Plus in Europe to pharmaceutical products developer Cheplapharm Arneimittel GmbH.
Atacand is a prescription medicine for the treatment of heart failure and hypertension.
Cheplapharm will pay an initial USD200 million to the FTSE 100-listed pharmaceutical giant on the completion of the arrangement, plus a time-bound payment of USD10 million and sales-contingent milestones.
The agreement is expected to be completed in the third quarter of 2018, after which AstraZeneca will continue to produce Atacand under a supply agreement and commercialise the products in markets where it holds the rights.
"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. Cheplapharm's strong European presence will help expand the commercial potential of Atacand," said Mark Mallon, executive vice president of Global Product & Portfolio Strategy.
Astrazeneca (AZN)