Sector News

AstraZeneca sells aging beta-blocker to Recordati for $300 million

May 23, 2017
Life sciences

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

comments closed

Related News

May 15, 2022

Novo Nordisk and Flagship Pioneering announce a strategic collaboration to create a portfolio of transformational medicines

Life sciences

The companies will explore opportunities to apply Flagship’s innovative bioplatforms – an ecosystem that currently comprises 41 companies – to scientific challenges in disease areas within cardiometabolic and rare diseases and initiate research programmes based on these.

May 15, 2022

BD, Babson set sights on bringing simple blood collection into the home

Life sciences

BD is expanding its long-running partnership with the blood collection company Babson Diagnostics. The two companies have been working together since 2019 on a device that can gather small volumes of blood from the capillaries in the fingertip without requiring any specialized training, and beginning with a focus on supporting primary care in retail settings.

May 15, 2022

CSL’s $11.7B Vifor buy, 2021’s biggest biopharma M&A deal, hits antitrust delay

Life sciences

Wednesday, Australian biotech CSL said (PDF) the regulatory review of its $11.7 billion acquisition of Switzerland’s Vifor Pharma will take “a few more months,” suggesting it won’t be able to close the transaction by June 2022 as previously expected.