AstraZeneca is selling the European rights to its prescription heart failure and hypertension medicines, Atacand and Atacand Plus, to Cheplapharm.
Cheplapharm will pay $200 million on completion of the agreement, plus a time-bound payment of $10 million and sales-contingent milestones.
“This agreement forms part of our strategy of streamlining our portfolio of mature medicines to enable reinvestment in our main therapy areas and bringing new medicines to patients,” Mark Mallon, Executive Vice President, Global Product & Portfolio Strategy at AstraZeneca.
“Cheplapharm’s strong European presence will help expand the commercial potential of Atacand.”
AstraZeneca said it will continue to manufacture and supply Atacand and Atacand Plus under a supply agreement. It will also continue to commercialise the medicines in all markets where it still holds the rights.
The agreement is expected to complete in the third quarter of 2018