Pharmaceutical company AstraZeneca said it had agreed to sell its small molecule antibiotics business to Pfizer in a deal that could reach more than $1.5 billion.
The portfolio includes approved antibiotics Merrem, Zinforo and Zavicefta, and ATM-AVI and CXL, which are in clinical development, it said.
Pfizer will pay $550 million upon completion and a further unconditional $175 million in January 2019, AstraZeneca said, plus up to $250 million in milestones, up to $600 million in sales-related payments and recurring, double-digit royalties on future sales of Zavicefta and ATM-AVI in certain markets.
The British company said the agreement did not impact its financial guidance for 2016.
By Paul Sandle
Danone has appointed three deputy CEOs to “better connect categories and regions” and drive the delivery of its ‘Renew Danone’ strategy. The new appointees are Veronique Penchienati-Bosetta, Shane Grant and Juergen Esser. They will report to Danone CEO Antoine de Saint-Affrique.
PepsiCo Portugal has announced that it will invest €7.5 million to construct a new biodigester, which will turn organic waste into biogas. As well as helping its Carregado facility to achieve a 30% reduction in carbon emissions, the biodigester will also contribute to reducing gas consumption, allowing the installation to use the biogas produced during the anaerobic digestion process.
Kerry is sponsoring The Kerry Upcycled Food Foundation Fellowship in a new partnership with the Upcycled Food Foundation (UFF), the non-profit subsidiary of the Upcycled Food Association (UFA). The research fellowship is the second initiated by the UFF and will work toward advancing the understanding of the market, consumer perception and technical opportunities of upcycled food.