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
Airnov provides critical healthcare industries with high-quality, controlled atmosphere packaging, to protect their products from moisture and oxygen. The business has manufacturing facilities in the USA, France, China and India and employs around 700 people.
Takeda of Japan has partnered with Hong Kong-based Hutchmed, gaining the commercial rights to colorectal cancer drug fruquintinib outside of China for $400 million up front, plus $730 million in potential milestone payments. Takeda also will help develop fruquintinib, which can be applied to subtypes of refractory metastatic colorectal cancer, regardless of biomarker status, the companies said.
On April 3, Scangos, who’s been chief executive officer at Vir since the start of 2017, will hand over the reins to Marianne De Backer, Ph.D. De Backer comes over from Bayer, where she currently heads up pharmaceutical strategy, business development and licensing. Alongside her CEO appointment, De Backer is set to join Vir’s board of directors, the company said Wednesday.