AstraZeneca Sells Schizophrenia Drug Rights In US And Canada
Zacks Investment Research | Dec 03, 2019 10:10PM ET
AstraZeneca PLC (NYSE:AZN) announced an agreement to sell rights to Seroquel and Seroquel XR, its drugs for the treatment of schizophrenia and bipolar disease, in the United States and Canada to German pharmaceutical company Cheplapharm Arzneimittel GmbH.
We remind investors that earlier in October, AstraZeneca sold rights to Seroquel and Seroquel XR in Europe and Russia to Cheplapharm.
The transactions are part of the company’s efforts to focus on reducing the number of mature medicines for enabling reinvestment in the main therapy areas of Oncology, Cardiovascular, Renal & Metabolism and Respiratory.
Per the company, Seroquel recorded sales of $36 million in 2018 while Seroquel XR generated $79 million sales in North America during the period.
Under the agreement, AstraZeneca will get an upfront payment of $35 million and may also earn future sales-contingent fees of up to $6 million. The company will continue to manufacture and supply the products during a transition period.
Shares of AstraZeneca have rallied 26% so far this year, outperforming the Original post
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