15th Dec 2015 15:12
LONDON (Alliance News) - AstraZeneca PLC, a biopharmaceutical business, on Tuesday said it has completed an agreement with Perrigo Company PLC for the divestment of US rights to Entocort, a gastroenterology medicine for patients with mild to moderate Crohn's disease.
AstraZeneca said the area of medicine in question is outside its strategic focus.
Upon completion of the agreement, Perrigo paid AstraZeneca USD380.0 million to acquire the rights to sell Entocort capsules and the authorised generic Entocort capsules marketed by Par Pharmaceuticals.
"The transaction does not include the transfer of any AstraZeneca employees or facilities," the company said.
"The agreement completes the global divestment of Entocort, following the agreement entered into in July 2015 with Tillotts Pharma AG, part of the Zeria Group, for the divestment of global rights to Entocort outside the US. The divestment further emphasises AstraZeneca's strategic focus on three main therapy areas. The transaction does not impact AstraZeneca's financial guidance for 2015," the company added.
Shares in AstraZeneca were up 2.4% at 4,387.50 pence on Tuesday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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