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Pharmaceuticals major AstraZeneca (LON:AZN) has agreed to offload the European commercial rights to Atacand and Atacand Plus, a prescription medicine for the treatment of heart failure and hypertension, to Cheplapharm Arzneimittel.
“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,” said AstraZeneca’s executive vice-president of global product and portfolio strategy Mark Mallon.
Cheplapharm is to pay $200 million on completion of the agreement, plus a time-bound payment of $10 million and sales-contingent milestones. In 2017, global product sales for Atacand and Atacand Plus were $300 million, including $86 million in Europe.
Shares in AstraZeneca rose 25p to 5,610p (as at 11:10 BST).