AstraZeneca sells European Seloken rights to Recordati for $300 million
AstraZeneca has entered an agreement with Recordati to sell the commercial rights for Seloken in Europe for $300 million. The deal also includes ongoing sales-related income for the established heart medicines.
Pharmaceutical company AstraZeneca announced an agreement to divest the European commercial rights for its Seloken (metoprolol tartrate) and Seloken ZOK (metoprolol succinate) medicines, along with the Logimax fixed-dose combination, to Italian company Recordati S.p.A. The transaction includes an upfront payment of $300 million and tiered royalties on future sales.
Metoprolol succinate is a beta-blocker used to treat hypertension, angina, and heart failure. Recordati will take over the commercialization of these established cardiovascular treatments in European markets, while AstraZeneca will continue to manufacture and supply the products under a supply agreement.
AstraZeneca stated the divestment allows the company to concentrate resources on bringing new medicines to patients. The Seloken brands and Logimax generated $110 million in sales in Europe during 2016. AstraZeneca will retain the rights to these medicines in other global markets.
The transaction is expected to close in the second quarter of 2017, subject to customary closing conditions and regulatory approvals. The financial terms will be reported as other operating income.