AGI acquires rights to AstraZeneca’s anaesthetics portfolio outside US
Posted: 9 June 2016 | | No comments yet
AGI is to acquire the rights, outside the US, to AstraZeneca’s portfolio of anaesthetics for an upfront consideration of $520 million…
The agreement covers seven established medicines and five local anaesthetics.
Under the terms of the agreement, AGI will acquire the commercialisation rights, outside the US, to AstraZeneca’s portfolio of anaesthetic medicines for an upfront consideration of $520 million. Additionally, AGI will pay AstraZeneca up to $250 million in a Product Sales-related payment, as well as double-digit percentage trademark royalties on Product Sales. AstraZeneca will manufacture and supply the products on a cost plus basis to AGI for an initial period of 10 years. Upon completion, Aspen will assume responsibility for all activities relating to the sale of the portfolio in all relevant markets.
A “strategically-important” investment for AGI
Commenting on the agreement, Pascal Soriot, Chief Executive Officer, AstraZeneca, said: “This agreement will extend the reach of our established portfolio to a greater number of patients through AGI’s extensive commercial network. This agreement supports our strategic focus on the new medicines in three main therapy areas.”
Stephen Saad, Group Chief Executive, Aspen, added: “This is a strategically-important investment for AGI and it is pleasing to have a company such as AstraZeneca recognise Aspen’s commercial competencies. This transaction is an excellent opportunity to build on the quality brands commercialised through AGI, working alongside an acknowledged pioneer and leader in the field of anaesthetics.”
AstraZeneca’s portfolio of anaesthetics is available in over a hundred countries worldwide, including key markets such as China, Japan, Australia and Brazil. The portfolio continues to generate stable revenue, with global Product Sales in 2015 of $592 million. The US rights to the products were divested to Abraxis, now part of Fresenius Kabi, in 2006.