AstraZeneca announced that it has entered into an agreement with Pfizer Inc. for the over-the-counter rights for Nexium, a prescription drug currently approved to treat the symptoms of serious cases of heartburn.
AstraZeneca has operations in northern Delaware.
Under the terms of the agreement, Pfizer will acquire the exclusive global rights to market Nexium for the approved over-the-counter indications in the United States, Europe and the rest of the world.
Pfizer will make an upfront payment of $250 million to AstraZeneca and AstraZeneca is eligible to receive milestone and royalty payments based on product launches and sales.
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