AstraZeneca PLC AstraZeneca divests rights to Seroquel and (5420R)
October 30 2019 - 3:00AM
UK Regulatory
TIDMAZN
RNS Number : 5420R
AstraZeneca PLC
30 October 2019
30 October 2019 07:00 GMT
AstraZeneca divests rights to Seroquel and Seroquel XR in Europe
and Russia
Sale to Cheplapharm supports AstraZeneca's focus on main therapy
areas
AstraZeneca has agreed the sale and licence of the commercial
rights to Seroquel (quetiapine fumarate immediate release) and
Seroquel XR (quetiapine fumarate extended release) in Europe and
Russia to Cheplapharm Arzneimittel GmbH (Cheplapharm). Seroquel and
Seroquel XR, used primarily to treat schizophrenia and bipolar
disorder, have lost their compound patent protection in Europe and
Russia.
Ruud Dobber, Executive Vice President, Biopharmaceuticals, said:
"Seroquel is an important established medicine and this agreement
with Cheplapharm will help ensure continued patient access. It
forms part of our strategy of reducing the portfolio of mature
medicines to enable reinvestment in our main therapy areas."
AstraZeneca will continue to manufacture and supply Seroquel and
Seroquel XR to Cheplapharm during a transition period.
Pursuant to Listing Rule 10.4.1R (notification of class 2
transactions), the gross book value of assets subject to the
divestment as at 31 December 2018 was nil. In the year to 31
December 2018, the aggregate pre-tax profits attributable to
Seroquel and Seroquel XR in the relevant territories were $86m. The
consideration will be paid in cash and the proceeds used for
general corporate purposes.
Financial considerations
Cheplapharm will make an upfront payment of $178m to AstraZeneca
and may also make future sales-contingent payments of up to $61m.
Income arising from the upfront and future payments will be
reported in AstraZeneca's financial statements within Other
Operating Income & Expense. In 2018, Seroquel generated annual
product sales of $47m in the markets covered by this agreement,
while Seroquel XR generated $61m. The agreement does not impact the
Company's financial guidance for 2019. The transaction is expected
to complete in the fourth quarter of 2019, subject to customary
closing conditions and regulatory clearances.
About Seroquel
Seroquel and Seroquel XR are atypical anti-psychotic medicines
with antidepressant properties. The main indications for Seroquel
are the treatment of schizophrenia and bipolar disorder. Seroquel
XR is also approved in some markets for major depressive disorder
and generalised anxiety disorder.
AstraZeneca has previously disposed of the rights to Seroquel
and Seroquel XR in the UK, Japan and other major international
markets.
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, 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 the
Company on Twitter @AstraZeneca.
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