17th Jul 2015 07:05
LONDON (Alliance News) - British drug maker AstraZeneca PLC on Friday announced that it has completed its agreement with Swiss specialty pharma firm Tillotts Pharma AG, part of the Zeria Group, for the divestment of global rights, outside the US, to gastroenterology drug Entocort (budesonide).
Entocort is a gastroenterology medicine for patients with mild to moderate Crohn's disease and ulcerative colitis. It is currently available in over 40 countries, with total product sales of USD53 million outside the US in 2014.
Upon completion of the deal, Tillotts paid AstraZeneca USD215 million for the rights to sell and develop Entocort capsules and enema formulations outside the US. The deal does not include the transfer of any AstraZeneca employees or facilities. The agreement reinforces AstraZeneca's strategic focus on three main therapy areas. As AstraZeneca will no longer retain an interest in the ex-US rights to Entocort, the upfront receipt will be reported in Other Operating Income in the Company's financial statements for 2015. The transaction does not impact AstraZeneca's financial guidance for 2015.
Copyright RTT News/dpa-AFX
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