AstraZeneca has sold European commercial rights to the Seloken brand hypertension beta-blocker and associated Logimax fixed-dose combination treatments to Recordati.
As part of the agreement, Recordati will pay AstraZeneca $300 million once complete.
AstraZeneca will manufacture and supply the medicines to Recordati under a supply agreement, and receive sales-related income through tiered royalties.
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.”
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, subject to the customary closing conditions and clearances, is expected to complete in the second quarter of 2017.