AstraZeneca has sold the European rights to its aging beta-blocker heart drug Seloken to Italy’s Recordati for $300 million, as part of a continuing drive by the British drugmaker to spin off non-core assets.
AstraZeneca is using funds from such disposals to help it through an earnings trough caused by patent expiries on former blockbuster medicines, while it waits for a new wave of drugs, particularly for cancer, to deliver fresh growth.
It has described 2017 as a “pivotal” year and AstraZeneca’s head of portfolio strategy Mark Mallon said the deal “allows us to concentrate our resources on bringing multiple new medicines to patients”.
The two companies said on Monday that AstraZeneca would also get tiered royalties from Recordati, initially at a double-digit percentage rate, for European sales of Seloken and related products. These sales totaled $110 million in 2016.
AstraZeneca, which retains rights to the beta-blocker outside Europe, will continue to manufacture and ship product to Recordati under a supply agreement.
The Italian group said acquiring the treatment for high blood pressure, angina and heart failure would allow it to expand into new markets. The acquisition will be funded by existing funds and available credit lines, it added.
By Ben Hirschler
Source: Reuters
Novartis will acquire Mariana’s lead candidate MC-339, a radioligand therapy (RLT) designed to target small-cell lung cancer. Last year, Mariana had raised $175m in a Series B round from several funds and pharma giant Eli Lilly.
The company’s aspiration to expand the use of its obesity products to cardiovascular indications has been successful. In March, its blockbuster drug Wegovy was approved by the US Food and Drug Administration (FDA) for reducing the risk of cardiovascular diseases in obese or overweight adults.
Massachusetts-based Deciphera brings to the table an extensive kinase inhibitor pipeline, kinase drug discovery expertise, and a strong commercial and sales platform in the US and European markets that is meant to advance Ono’s capabilities and presence in the oncology space.
