AstraZeneca to Sell Rights for Losec to Cheplapharm for Initial $243 Million
October 01 2019 - 2:56AM
Dow Jones News
By Ian Walker
AstraZeneca PLC (AZN.LN) said Tuesday that it is selling the
rights to acid-reduction drug Losec to Cheplapharm Arzneimittel
GmbH for an initial $243 million.
The pharmaceutical giant is selling the global commercial rights
to Losec, excluding China, Japan, the U.S. and Mexico.
Under the deal Astra will receive milestone payments of up to
$33 million in 2021 and 2022, subject to certain sales targets
being met.
Astra said the sale, which is part of the board's strategy to
reduce the portfolio of mature medicines, doesn't change its
financial guidance for 2019.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
October 01, 2019 02:41 ET (06:41 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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