Advertisement
Document › Details
AstraZeneca plc. (10/30/19). "Press Release: AstraZeneca Divests Rights to Seroquel and Seroquel XR in Europe and Russia".
Region | Europe | |
Organisation | AstraZeneca plc (LSE: AZN) | |
Group | AstraZeneca (Group) | |
Organisation 2 | Cheplapharm Arzneimittel GmbH | |
Group | BBG/Braun Group (Group) | |
Product | Seroquel® | |
Product 2 | Seroquel XR™ | |
Index term | AstraZeneca–BBG/Braun Group: quetiapine fumarate, 201910– acquisition $178m upfront + up to $61m rights to Seroquel/XR in Europe + RU by Cheplapharm | |
AstraZeneca has agreed the sale and licence of the commercial rights to Seroquel (quetiapine fumarate immediate release) and Seroquel XR (quetiapine fumarate extended release) in Europe and Russia to Cheplapharm Arzneimittel GmbH (Cheplapharm). Seroquel and Seroquel XR, used primarily to treat schizophrenia and bipolar disorder, have lost their compound patent protection in Europe and Russia.
Ruud Dobber, Executive Vice President, Biopharmaceuticals, said: “Seroquel is an important established medicine and this agreement with Cheplapharm will help ensure continued patient access. It forms part of our strategy of reducing the portfolio of mature medicines to enable reinvestment in our main therapy areas.”
AstraZeneca will continue to manufacture and supply Seroquel and Seroquel XR to Cheplapharm during a transition period.
Pursuant to Listing Rule 10.4.1R (notification of class 2 transactions), the gross book value of assets subject to the divestment as at 31 December 2018 was nil. In the year to 31 December 2018, the aggregate pre-tax profits attributable to Seroquel and Seroquel XR in the relevant territories were $86m. The consideration will be paid in cash and the proceeds used for general corporate purposes.
Financial considerations
Cheplapharm will make an upfront payment of $178m to AstraZeneca and may also make future sales-contingent payments of up to $61m. Income arising from the upfront and future payments will be reported in AstraZeneca’s financial statements within Other Operating Income & Expense. In 2018, Seroquel generated annual product sales of $47m in the markets covered by this agreement, while Seroquel XR generated $61m. The agreement does not impact the Company’s financial guidance for 2019. The transaction is expected to complete in the fourth quarter of 2019, subject to customary closing conditions and regulatory clearances.
About Seroquel
Seroquel and Seroquel XR are atypical anti-psychotic medicines with antidepressant properties. The main indications for Seroquel are the treatment of schizophrenia and bipolar disorder. Seroquel XR is also approved in some markets for major depressive disorder and generalised anxiety disorder.
AstraZeneca has previously disposed of the rights to Seroquel and Seroquel XR in the UK, Japan and other major international markets.
About AstraZeneca
AstraZeneca is a global, science-led biopharmaceutical company that focuses on the discovery, development and commercialisation of prescription medicines, primarily for the treatment of diseases in three therapy areas - Oncology, Cardiovascular, Renal and Metabolism, and Respiratory. AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide. Please visit astrazeneca.com and follow the Company on Twitter @AstraZeneca.
Contacts
Media Relations
Gonzalo Viña
+44 203 749 5916
Rob Skelding
Oncology
+44 203 749 5821
Rebecca Einhorn
Oncology
+1 301 518 4122
Matt Kent
BioPharmaceuticals
+44 203 749 5906
Jennifer Hursit
Other
+44 203 749 5762
Christina Malmberg Hägerstrand
Sweden
+46 8 552 53 106
Michele Meixell
US
+1 302 885 2677
Investor Relations
Thomas Kudsk Larsen
+44 203 749 5712
Henry Wheeler
Oncology
+44 203 749 5797
Christer Gruvris
BioPharmaceuticals (CV, metabolism)
+44 203 749 5711
Nick Stone
BioPharmaceuticals (Renal), ESG
+44 203 749 5716
Josie Afolabi
BioPharmaceuticals (Respiratory), other medicines
+44 203 749 5631
Craig Marks
Finance, fixed income
+44 7881 615 764
Jennifer Kretzmann
Corporate access, retail investors
+44 203 749 5824
US toll-free
+1 866 381 72 77
Adrian Kemp
Company Secretary
AstraZeneca PLC
Record changed: 2023-06-05 |
Advertisement
More documents for AstraZeneca (Group)
- [1] Qiagen N.V.. (8/28/24). "Press Release: Qiagen Expands QIAstat-Dx into Precision Medicine through Partnership for Companion Diagnostics in Chronic Diseases". Venlo....
- [2] Pinetree Therapeutics, Inc.. (7/23/24). "Press Release: Pinetree Therapeutics Announces Exclusive Option and Global License Agreement for Preclinical EGFR Degrader Candidate with AstraZeneca". Cambridge, MA....
- [3] Huma Therapeutics Ltd.. (7/16/24). "Press Release: Huma Completes Series D with Total Financing of over $80m as It Launches Huma Cloud Platform with GenAI Integrations to Bring Digital First Care and Research to Everyone". London & New York, NY....
- [4] AstraZeneca plc. (3/19/24). "Press Release: AstraZeneca to Acquire Fusion to Accelerate the Development of Next-generation Radioconjugates to Treat Cancer"....
- [5] Amolyt Pharma SAS. (3/14/24). "Press Release: Amolyt Pharma Enters into Definitive Agreement to be Acquired by AstraZeneca. AstraZeneca Will Acquire Amolyt Pharma for up to $1.05 Billion in Total Consideration". Lyon & Cambridge, MA....
- [6] Allorion Therapeutics Inc.. (1/2/24). "Press Release: Allorion Therapeutics Announces Exclusive Option and Global License Agreement for Novel Preclinical-Stage EGFR L858R Allosteric Inhibitor Program with AstraZeneca". Natick, MA....
- [7] AstraZeneca plc. (12/26/23). "Press Release: AstraZeneca to Acquire Gracell, Furthering Cell Therapy Ambition across Oncology and Autoimmune Diseases"....
- [8] Gracell Biotechnologies Inc.. (12/26/23). "Press Release: Gracell Biotechnologies to Be Acquired by AstraZeneca, furthering Cell Therapy Ambition across Oncology and Autoimmune Diseases". San Diego, CA, Suzhou & Shanghai....
- [9] AstraZeneca plc. (12/12/23). "Press Release: AstraZeneca to Acquire Icosavax, Including Potential First-in-Class RSV and hMPV Combination Vaccine with Positive Phase II Data"....
- [10] Icosavax, Inc.. (12/12/23). "Press Release: Icosavax, Inc. Announces Agreement to Be Acquired by AstraZeneca". Seattle, WA....
To subscribe to our free, monthly newsletter for the European life sciences, please send an e-mail to [email protected] and simply fill the subject line with the word »LSE Newsletter«
Find more infos about advertising at [iito] web portals in our media flyer [iito] in a Nutshell [PDF file]
Advertisement
» top