AstraZeneca Plc (AZN.L,AZN) announced Tuesday that it has agreed to sell the rights to Crestor ( rosuvastatin) and associated medicines in over 30 countries in Europe, except the UK and Spain, to Grünenthal GmbH. Crestor is a statin approved for the treatment of dyslipidaemia and hypercholesterolaemia.
In the deal, Grünenthal will make an upfront, non-contingent payment to AstraZeneca of $320 million and may also make future milestone payments of up to $30 million.
The divestment is anticipated to close in the first quarter of 2021, subject to customary closing conditions and regulatory clearances. The consideration will be paid in cash and the proceeds used for general corporate purposes.
Crestor (rosuvastatin) is a statin, a lipid-lowering medicine, used to treat blood lipid disorders and to prevent cardiovascular events, such as heart attacks and strokes.
Crestor is approved as a lipid regulating medicine in more than 100 countries.
In 2019, Crestor generated Product Sales of $136 million and Profit before Tax of $98 million in the countries covered by the agreement.
AstraZeneca said it will continue to manufacture and supply Crestor to Grünenthal during a transition period.
AstraZeneca will also continue selling the medicine in other countries, including those in North America, in Japan, China and other emerging markets.
Ruud Dobber, Executive Vice President, BioPharmaceuticals Business Unit, said, “This agreement supports the management of our mature medicines to enable reinvestment into the pipeline and bringing new, innovative treatments to patients. Grünenthal previously acquired the rights to several established AstraZeneca medicines and is well placed to ensure continued access to Crestor for patients across Europe.”
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