AstraZeneca enters agreement with Recordati for Seloken in Europe
Posted: 24 May 2017 | | No comments yet
AstraZeneca has entered into an agreement with Recordati for the commercial rights to Seloken/Seloken ZOK treatments in Europe…
AstraZeneca has entered into an agreement with 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.”
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.