In the second such move in a week, AstraZeneca announced that it has entered into an agreement with Aralez Pharmaceuticals Trading DAC, a subsidiary of Aralez Pharmaceuticals Inc. for the rights to branded and an authorised generic heart drug Toprol-XL.
The agreement is for the rights to branded and authorised generic Toprol-XL in the US. Toprol-XL is a beta-blocker medicine for the control of hypertension (high blood pressure), angina (chest pain) and heart failure. The drug was first approved in the US in 1992.
Under the terms of the agreement, Aralez will pay AstraZeneca $175 million to acquire the rights to Toprol-XL tablets in the US, and the authorized generic medicine marketed by Par Pharmaceuticals.
In a larger deal earlier in the week, AstraZeneca sold rights for a drug in development for bowel disease as it focuses on other disease areas.
Aralez will also pay AstraZeneca up to $48 million in milestone and sales-related payments, as well as mid-teen percentage royalties on sales. AstraZeneca will continue to manufacture and supply Toprol-XL and the generic to Aralez.
Mark Mallon, Executive Vice President, Global Product & Portfolio Strategy at AstraZeneca said: “This agreement allows us to focus our resources on our new launches and pipeline of innovative medicines, while working with Aralez, a partner with expertise in cardiovascular disease, to ensure continued patient access to Toprol-XL.”
In 2015, US Product Sales for Toprol-XL and the AstraZeneca share from the sale of the authorised generic medicine totalled $89 million. The transaction is expected to complete in the fourth quarter of 2016, subject to customary closing conditions. As AstraZeneca will retain an ongoing interest in
The transaction is expected to complete in the fourth quarter of 2016, subject to customary closing conditions. As AstraZeneca will retain an ongoing interest in Toprol-XL in the US through the ongoing milestones, royalties and product supply, the upfront payment of $175 million, milestones and sales-related payments of up to $48 million. The agreement does not include the transfer of any AstraZeneca employees or facilities and does not impact AstraZeneca’s financial guidance for 2016.
The agreement does not include the transfer of any AstraZeneca employees or facilities and does not impact AstraZeneca’s financial guidance for 2016.
AstraZeneca employs about 2,100 in Delaware.
