AstraZeneca Sells European Rights to Cardio Drugs to Recordati for $300 MillionBy
AstraZeneca has entered into an agreement with Recordati S.p.A, an Italian pharmaceutical company, 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.
In 2016, product sales for the Seloken brands and Logimax were $110 million in Europe. AstraZeneca will continue to commercialize the medicines in all other markets, where it holds the rights.
The transaction is expected to be completed in the second quarter of 2017, subject to customary closing conditions and regulatory clearances.