Source - RNS
RNS Number : 5978L
AstraZeneca PLC
04 October 2016
 

This announcement contains inside information

 

4 October 2016 07:05

 

ASTRAZENECA ENTERS AGREEMENT WITH ARALEZ

FOR BETA-BLOCKER MEDICINE TOPROL-XL IN THE US

 

AstraZeneca today announced that it has entered into an agreement with Aralez Pharmaceuticals Trading DAC, a subsidiary of Aralez Pharmaceuticals Inc., for the rights to branded and authorised generic Toprol-XL (metoprolol succinate) in the US. Toprol-XL is a beta-blocker medicine for the control of hypertension (high blood pressure), angina (chest pain) and heart failure. It was first approved in the US in 1992.

 

Under the terms of the agreement, Aralez will pay AstraZeneca $175 million to acquire the rights to Toprol-XL tablets in the US, and the authorised generic medicine marketed by Par Pharmaceuticals. Aralez will also pay AstraZeneca up to $48 million in milestone and sales-related payments, as well as mid-teen percentage royalties on sales. AstraZeneca will continue to manufacture and supply Toprol-XL and the authorised generic medicine to Aralez.

 

Mark Mallon, Executive Vice President, Global Product & Portfolio Strategy at AstraZeneca said: "This agreement allows us to focus our resources on our new launches and pipeline of innovative medicines, while working with Aralez, a partner with expertise in cardiovascular disease, to ensure continued patient access to Toprol-XL."

 

Adrian Adams, Chief Executive Officer of Aralez Pharmaceuticals Inc. said: "We are pleased to be entering into this agreement with AstraZeneca. Toprol-XL represents a strong addition to our growing anchor position in cardiovascular disease. We look forward to helping patients continue to benefit from this important medicine."

 

Financial considerations

In 2015, US Product Sales for Toprol-XL and the AstraZeneca share from the sale of the authorised generic medicine totalled $89 million. The transaction is expected to complete in the fourth quarter of 2016, subject to customary closing conditions. As AstraZeneca will retain an ongoing interest in Toprol-XL in the US through the ongoing milestones, royalties and product supply, the upfront payment of $175 million, milestones and sales-related payments of up to $48 million and mid-teen percentage royalties will be reported as Externalisation Revenue in the Company's financial statements. The agreement does not include the transfer of any AstraZeneca employees or facilities and does not impact AstraZeneca's financial guidance for 2016.

 

About Aralez Pharmaceuticals Inc.

Aralez Pharmaceuticals Inc. (NASDAQ: ARLZ) (TSX: ARZ) is a global specialty pharmaceutical company focused on delivering meaningful products to improve patients' lives while creating shareholder value by acquiring, developing and commercialising products primarily in cardiovascular, pain and other specialty areas. Aralez's Global Headquarters is in Mississauga, Ontario, Canada, the U.S. Headquarters is planned to be in Princeton, NJ and the Irish Headquarters is in Dublin, Ireland. More information about Aralez can be found at www.aralez.com.

 

About AstraZeneca

AstraZeneca is a global, science-led biopharmaceutical company that focuses on the discovery, development and commercialisation of prescription medicines, primarily for the treatment of diseases in three therapy areas - Respiratory, Cardiovascular & Metabolic Diseases, and Oncology. The Company is also selectively active in Neuroscience and Autoimmunity. AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide. For more information, please visit: www.astrazeneca.com

 

CONTACTS

 

Media Enquiries

 

 

 

 

 

Neil Burrows

 

UK/Global

 

+44 203 749 5637

 

Vanessa Rhodes

 

UK/Global

 

+44 203 749 5736

 

Karen Birmingham

 

UK/Global

 

+44 203 749 5634

 

Rob Skelding

 

UK/Global

 

+44 203 749 5821

 

Jacob Lund

 

Sweden

 

+46 8 553 260 20

 

Michele Meixell

 

US

 

+1 302 885 2677

 

Investor Relations



UK



Thomas Kudsk Larsen

 

 

 

+44 203 749 5712

 

Craig Marks

 

Finance, Fixed Income, M&A

 

+44 7881 615 764

 

Nick Stone

 

Respiratory

 

+44 203 749 5716

 

Henry Wheeler

 

Oncology

 

+44 203 749 5797

 

Christer Gruvris

Neuroscience & Autoimmunity

+44 203 749 5711

US



Lindsey Trickett

 

Cardiovascular & Metabolic Diseases

 

+1 240 543 7970

 

Mitchell Chan

 

 Oncology

 

+1 240 477 3771

 

Toll free


+1 866 381 7277

 

Adrian Kemp

Company Secretary

AstraZeneca PLC

 

-ENDS-


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
AGREASELEASKFEF

Related Charts

AstraZeneca (AZN)

-22.50p (-0.55%)
delayed 12:17PM