7 June 2017
ASTRAZENECA ENTERS AGREEMENT WITH GRÜNENTHAL TO DIVEST RIGHTS TO MIGRAINE TREATMENT ZOMIG
AstraZeneca today announced that it has entered an agreement with Grünenthal 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). Impax will continue to market Zomig in the US. AstraZeneca will continue to manufacture and supply the medicine to Grünenthal during a transition period.
Mark Mallon, Executive Vice President, Global Product & Portfolio Strategy at AstraZeneca said: "Grünenthal is an established partner with expertise in the treatment of pain. It is well placed to ensure patients continue to benefit from Zomig, and to extend the commercial potential of the medicine through its dedicated salesforce."
Gabriel Baertschi, CEO of Grünenthal said: "Migraine is a very debilitating disease with more than 75 million people worldwide suffering from attacks that can lead to sensitivity to light or sound, to nausea or even vomiting. The acquisition of the well-established Zomig products complements our existing pain portfolio. Migraine has been one of the very few main pain indications we haven't yet been able to offer a solution for. This is an important step to reach our ambition to become a €2 billion company by 2022. It will also support our efforts to bring four to five innovative products to market in the same timeframe."
Financial considerations
In 2016, revenues from Zomig outside Japan were $96 million, including Product Sales and Externalisation Revenue. The transaction is expected to complete in the second quarter of 2017, subject to customary closing conditions and regulatory clearances. The net consideration from the agreement 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 Zomig
Zomig (zolmitriptan) is indicated for the acute treatment of migraine, and for the acute treatment of cluster headache in the EU. Zomig is available in three formulations: An oral tablet, orally dispersible tablet and nasal spray.
About Grünenthal
The Grünenthal Group is an entrepreneurial, science-based pharmaceutical company specialized in pain, gout and inflammation. Our ambition is to deliver four to five new products to patients in diseases with high unmet medical need by 2022 and become a €2 billion company. We are a fully integrated research & development company with a long track record of bringing innovative pain treatments and state-of-the-art technologies to patients. By sustainably investing in our R&D above the industrial average, we are strongly committed to innovation.
Grünenthal is an independent, family-owned company headquartered in Aachen, Germany. We are present in 32 countries with affiliates in Europe, Latin America and the US. Our products are sold in more than 155 countries and approx. 5,500 employees are working for the Grünenthal Group worldwide. In 2016, Grünenthal achieved revenues of approx. €1.4 bn. More information: www.grunenthal.com. Follow us on LinkedIn: @GrunenthalGroup
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.
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