AstraZeneca to Sell Crestor Rights in Europe for Up to $350 Million
01 Dezember 2020 - 8:44AM
Dow Jones News
By Adria Calatayud
AstraZeneca PLC said Tuesday that it has agreed to sell rights
to its Crestor and associated medicines in over 30 countries in
Europe to Gruenenthal GmbH in a deal worth up to $350 million.
The U.K. pharmaceutical giant said the deal excludes the U.K.
and Spain. The company will continue selling the medicine in other
areas, including North America, Japan, China and other emerging
markets.
Crestor is used to treat blood lipid disorders and to prevent
cardiovascular events such as heart attacks and strokes.
AstraZeneca said it will receive an upfront, non-contingent
payment of $320 million and may receive future milestone payments
of up to $30 million.
The divestment is anticipated to close in the first quarter of
2021 and won't affect the AstraZeneca's guidance for 2020, it
said.
AstraZeneca will continue to manufacture and supply Crestor to
Grunenthal during a transition period.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
December 01, 2020 02:29 ET (07:29 GMT)
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