1st Mar 2016 10:50
LONDON (Alliance News) - AstraZeneca PLC on Tuesday said it has signed a deal with ProStrakan Group for the rights to its Moventig opioid-induced constipation treatment.
The agreement will cover the European Union, Iceland, Norway, Switzerland and Liechtenstein.
ProStrakan will pay USD70.0 million upfront to AstraZeneca to acquire the rights to the drug, with further royalties and milestone payments to be made in the future.
"This agreement is in line with our strategy to focus our resources within our three main therapy areas while unlocking value from the important medicines in our portfolio. ProStrakan?s significant expertise in the area of pain medication will ensure patients across Europe benefit from a first-in-class treatment," said Luke Miels, AstraZeneca's executive vice-president of global product and portfolio strategy.
Shares in AstraZeneca were down 0.9% to 4,071.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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