AstraZeneca Divests Crestor Rights in Europe to Grünenthal
AstraZeneca has agreed to sell the rights to its cholesterol medication Crestor in over 30 European countries to German company Grünenthal. The deal includes an upfront payment of $320 million.
Pharmaceutical company AstraZeneca has agreed to divest the rights to its cholesterol medication Crestor (rosuvastatin) in more than 30 European countries, excluding the UK and Spain, to Germany-based Grünenthal GmbH. The transaction is part of AstraZeneca's strategy to manage its mature medicines portfolio and reinvest in its development pipeline.
The divestment is expected to close in the first quarter of 2021, subject to regulatory approvals. Grünenthal will make an upfront, non-contingent payment of $320 million to AstraZeneca, with potential future milestone payments of up to $30 million. AstraZeneca will continue to manufacture and supply Crestor to Grünenthal during a transition period.
Crestor is a statin used to treat dyslipidemia and hypercholesterolemia, and to prevent cardiovascular events such as heart attacks and strokes. In 2019, Crestor generated $136 million in sales in the countries covered by the agreement. The proceeds from the sale will be used for general corporate purposes.
Grünenthal has previously acquired rights to other established AstraZeneca medicines. AstraZeneca will continue to sell Crestor in other regions, including North America, Japan, and China. The company aims to focus resources on developing new, innovative treatments for patients.