AstraZeneca completes two commercial rights deals, payments included in Q2 2017

AstraZeneca on Monday reported completing two different agreements for certain commercial rights for its drugs, in Europe and worldwide.

For Europe, it said it has completed deal with Italian company Recordati for Seloken, and associated Logimaxfixed-dosed combination of metoprolol succinate and frelodipine medicines in Europe.  Metoprolol succinate is a beta blocker for the control of hypertension, angina, and heart failure.

There is a limited level of ongoing interest for AstraZeneca to retain in the medicines in Europe, with the exception of Romania, which is subject to separate closing. AstraZeneca said it will get an upfront payment of $290 million.

Another deal the company has closed is with Grünenthal for the global rights to Zomig (zolmitriptan) outside Japan. Zomig is indicated for the acute treatment of migraines and cluster headaches, an area of medicine outside AstraZeneca’s strategic focus.

The net consideration from the upfront payment received from both companies will be reported as Other Operating Income in the AstraZeneca financial statements in the second quarter of 2017. Under the terms of the agreement with Grünenthal, AstraZeneca said it will receive additional future milestone payments and will continue to produce and supply the medicine to Grünenthal during a transition period.