22 May 2017 07:00 BST
ASTRAZENECA ENTERS AGREEMENT
WITH RECORDATI FOR SELOKEN IN EUROPE
Agreement expands the commercial potential of Seloken in European markets
AstraZeneca to receive upfront payment, plus ongoing income for established
heart medicines
AstraZeneca announced today that it has entered into an agreement with Recordati S.p.A (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."
Financial considerations
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.
About Seloken
Seloken (metoprolol) is indicated for the control of a range of conditions including hypertension, angina pectoris, disturbances of cardiac rhythm, maintenance treatment after myocardial infarction and functional heart disorders with palpitations. It is available in European markets under brand names including Seloken, Seloken ZOK (extended release), Selo-Sok and Betaloc ZOK. Logimax is the fixed-dose combination of metoprolol succinate with felodipine. It is indicated for the control of hypertension.
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 main therapy areas - Oncology, Cardiovascular & Metabolic Diseases and Respiratory. The Company also is selectively active in the areas of autoimmunity, neuroscience and infection. AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide. For more information, please visit www.astrazeneca.com and follow us on Twitter @AstraZeneca.
Media Enquiries |
|
|
Esra Erkal-Paler |
UK/Global |
+44 203 749 5638 |
Karen Birmingham |
UK/Global |
+44 203 749 5634 |
Rob Skelding |
UK/Global |
+44 203 749 5821 |
Jacob Lund |
Sweden |
+46 8 553 260 20 |
Michele Meixell |
US |
+1 302 885 2677 |
Investor Relations |
|
|
Thomas Kudsk Larsen |
|
+44 203 749 5712 |
Craig Marks |
Finance, Fixed Income, M&A |
+44 7881 615 764 |
Henry Wheeler |
Oncology |
+44 203 749 5797 |
Mitchell Chan |
Oncology |
+1 240 477 3771 |
Lindsey Trickett |
Cardiovascular & Metabolic Diseases |
+1 240 543 7970 |
Nick Stone |
Respiratory |
+44 203 749 5716 |
Christer Gruvris |
Autoimmunity, Neuroscience & Infection |
+44 203 749 5711 |
US toll free |
|
+1 866 381 7277 |
Adrian Kemp
Company Secretary, AstraZeneca PLC
