AstraZeneca PLC AZ AGREEMENT WITH RECORDATI FOR SELOKEN IN EUROPE (7679F)
May 22 2017 - 1:00AM
UK Regulatory
TIDMAZN
RNS Number : 7679F
AstraZeneca PLC
22 May 2017
22 May 2017 07:00 BST
ASTRAZENECA ENTERS AGREEMENT
WITH RECORDATI FOR SELOKEN IN EUROPE
Agreement expands the commercial potential of Seloken in
European markets
AstraZeneca to receive upfront payment, plus ongoing income for
established
heart medicines
AstraZeneca announced today that it has entered into an
agreement with Recordati S.p.A (Recordati) for the commercial
rights to Seloken/Seloken ZOK (metoprolol tartrate and metoprolol
succinate respectively) and associated Logimax fixed-dose
combination (metoprolol succinate and felodipine) treatments in
Europe. Metoprolol succinate is a beta-blocker for the control of
hypertension, angina and heart failure.
Recordati will pay AstraZeneca $300 million upon completion of
the agreement. AstraZeneca will also receive sales-related income
through tiered royalties, initially at a double-digit percentage of
sales. AstraZeneca will manufacture and supply the medicines to
Recordati under a supply agreement.
Mark Mallon, Executive Vice President, Global Product &
Portfolio Strategy at AstraZeneca, said: "This agreement allows us
to concentrate our resources on bringing multiple new medicines to
patients. Recordati's expertise in cardiovascular disease and
established European salesforce will help to expand the commercial
potential of the Seloken brands, which are mature medicines for the
new AstraZeneca."
Financial considerations
In 2016, Product Sales for the Seloken brands and Logimax were
$110 million in Europe. AstraZeneca will continue to commercialise
the medicines in all other markets, where it holds the rights. The
transaction is expected to complete in the second quarter of 2017,
subject to customary closing conditions and regulatory clearances.
Based on the level of ongoing interest AstraZeneca will retain in
the brands in Europe, the $300 million upfront and tiered royalties
will be reported as Other Operating Income in the Company's
financial statements. The agreement does not impact the Company's
financial guidance for 2017.
About Seloken
Seloken (metoprolol) is indicated for the control of a range of
conditions including hypertension, angina pectoris, disturbances of
cardiac rhythm, maintenance treatment after myocardial infarction
and functional heart disorders with palpitations. It is available
in European markets under brand names including Seloken, Seloken
ZOK (extended release), Selo-Sok and Betaloc ZOK. Logimax is the
fixed-dose combination of metoprolol succinate with felodipine. It
is indicated for the control of hypertension.
About AstraZeneca
AstraZeneca is a global, science-led biopharmaceutical company
that focuses on the discovery, development and commercialisation of
prescription medicines, primarily for the treatment of diseases in
three main therapy areas - Oncology, Cardiovascular & Metabolic
Diseases and Respiratory. The Company also is selectively active in
the areas of autoimmunity, neuroscience and infection. AstraZeneca
operates in over 100 countries and its innovative medicines are
used by millions of patients worldwide. For more information,
please visit www.astrazeneca.com and follow us on Twitter
@AstraZeneca.
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Adrian Kemp
Company Secretary, AstraZeneca PLC
This information is provided by RNS
The company news service from the London Stock Exchange
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