AstraZeneca PLC Seroquel rights agreement complete: Europe, Russia (9506W)
December 16 2019 - 2:00AM
UK Regulatory
TIDMAZN
RNS Number : 9506W
AstraZeneca PLC
16 December 2019
16 December 2019 07:00 GMT
Agreement with Cheplapharm for rights to Seroquel
and Seroquel XR in Europe and Russia completed
AstraZeneca has completed an agreement to divest its commercial
rights to Seroquel (quetiapine fumarate immediate release) and
Seroquel XR (quetiapine fumarate extended release) in Europe and
Russia to Cheplapharm Arzneimittel GmbH (Cheplapharm).
Financial considerations
Under the terms of the agreement, AstraZeneca has received a
payment of $178m from Cheplapharm. The Company may also receive
future sales-contingent payments of up to $61m. The upfront payment
will be reported in AstraZeneca's financial statements within Other
Operating Income & Expense in the fourth quarter of 2019.
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 profit before tax attributable to
Seroquel and Seroquel XR in the relevant territories was $86m. The
consideration was paid in cash and the proceeds will be used for
general corporate purposes.
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 previously divested the rights to Seroquel and
Seroquel XR in the UK, Japan and other major international markets.
AstraZeneca also agreed to divest the rights to the medicines in
the US and Canada to Cheplapharm earlier in 2019.
About AstraZeneca
AstraZeneca (LSE/STO/NYSE: AZN) 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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AstraZeneca PLC
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END
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