AstraZeneca Divests Migraine Drug for $300 MillionBy
AstraZeneca has formed an agreement with Grünenthal, a pharmaceutical company specializing in treatments for pain, gout and inflammation, for the global rights to Zomig (zolmitriptan) outside Japan. Zomig is indicated for the acute treatment of migraines and cluster headaches, an area of medicine outside AstraZeneca’s strategic focus.
Grünenthal will pay AstraZeneca $200 million upon completion. AstraZeneca will also receive up to an additional $102 million in future milestone payments. Grünenthal will acquire the rights to Zomig in all markets outside Japan, including the US, where the rights were previously licensed to Impax Pharmaceuticals. Impax will continue to market Zomig in the US. AstraZeneca will continue to manufacture and supply the medicine to Grünenthal during a transition period.
In 2016, revenues from Zomig outside Japan were $96 million, including product sales and externalization revenue. The transaction is expected to complete in the second quarter of 2017, subject to customary closing conditions and regulatory clearances.