AstraZeneca PLC AstraZeneca divests rights for Losec to Cheplaphar (2876O)
October 01 2019 - 02:05AM
UK Regulatory
TIDMAZN
RNS Number : 2876O
AstraZeneca PLC
01 October 2019
01 October 2019 07:05 BST
AstraZeneca divests rights for Losec to Cheplapharm
Agreement supports AstraZeneca's focus on three main therapy
areas
AstraZeneca has agreed to sell the global commercial rights,
excluding China, Japan, the US and Mexico, for Losec (omeprazole)
and associated brands to Cheplapharm Arzneimittel GmbH
(Cheplapharm).
The divestment includes medicines containing omeprazole marketed
by AstraZeneca or its collaborators under the Acimax, Antra,
Mepral, Mopral, Omepral and Zoltum medicine names.
Ruud Dobber, Executive Vice President, BioPharmaceuticals, said:
"This agreement forms part of our strategy of reducing the
portfolio of mature medicines to enable reinvestment in our main
therapy areas, accelerating the number of innovative new medicines
for patients with high unmet medical need. We already have an
excellent relationship with Cheplapharm, and their strong European
presence and global distribution network will help ensure continued
patient access to Losec."
AstraZeneca will continue to manufacture and supply Losec and
its associated medicines and commercialise the medicine in markets
where it still holds the rights.
Financial considerations
Cheplapharm will pay AstraZeneca approximately $243 million on
completion of the agreement, plus sales-contingent milestones of up
to $33 million in 2021 and 2022. Income arising from the upfront
payment will be reported in the Company's financial statements in
2019 as Other Operating Income. In 2018, Losec sales in the
countries covered by this agreement were $98 million, the majority
of which were in Emerging Markets. The agreement does not change
the Company's financial guidance for 2019. As there were no closing
considerations to the transaction, the agreement became effective
upon signing.
About Losec
Losec is a proton pump inhibitor discovered and developed by
AstraZeneca, which helps to reduce the amount of acid produced by
the stomach in patients with gastrointestinal reflux conditions and
ulcers. It has a number of approved indications and is commonly
prescribed for patients with gastro oesophageal reflux disease.
The commercial rights to Losec and other omeprazole medicines in
the US, Japan and Mexico, as well as the commercial rights to the
over-the-counter version in France, Finland, Ireland, New Zealand
and the Netherlands were previously divested.
About AstraZeneca
AstraZeneca is a global, science-led biopharmaceutical company
that focuses on the discovery, development and commercialisation of
prescription medicines, primarily for the treatment of diseases in
three therapy areas - Oncology, Cardiovascular, Renal and
Metabolism (CVRM), and Respiratory. AstraZeneca operates in over
100 countries and its innovative medicines are used by millions of
patients worldwide. Please visit astrazeneca.com and follow us on
Twitter @AstraZeneca.
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AstraZeneca PLC
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