1st Sep 2016 06:41
LONDON (Alliance News) - AstraZeneca PLC on Thursday said it has completed its commercialisation agreement with Aspen Global Inc, part of the Aspen Group, for rights to its global anaesthetics portfolio outside of the US.
This covers seven established medicines: general anaesthesia Diprivan, topical anaesthetic EMLA, and five local anaesthetics.
AstraZeneca said that, as it will retain a "significant ongoing interest" in this portfolio, an upfront payment will be recognised in its third quarter, and this along with all future milestone and royalty payments, will be reported as "externalisation revenue" in its financial statements.
Back in June, Aspen agreed to buy the commercialisation rights to the portfolio for an upfront USD520.0 million and at that time agreed to pay AstraZeneca up to USD250.0 million more under a product sales-related payment, along with double-digit percentage trademark royalties on sales of the products.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Astrazeneca