AstraZeneca PLC AZ agreement with Grünenthal for rights to Zomig (3790H)
07 June 2017 - 4:13PM
UK Regulatory
TIDMAZN
RNS Number : 3790H
AstraZeneca PLC
07 June 2017
7 June 2017
ASTRAZENECA ENTERS AGREEMENT WITH GRÜNENTHAL TO DIVEST RIGHTS TO
MIGRAINE TREATMENT ZOMIG
AstraZeneca today announced that it has entered an agreement
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.
Grünenthal will pay AstraZeneca $200 million upon completion.
AstraZeneca will also receive up to an additional $102 million in
future milestone payments. Grünenthal will acquire the rights to
Zomig in all markets outside Japan, including the US, where the
rights were previously licensed to Impax Pharmaceuticals (Impax).
Impax will continue to market Zomig in the US. AstraZeneca will
continue to manufacture and supply the medicine to Grünenthal
during a transition period.
Mark Mallon, Executive Vice President, Global Product &
Portfolio Strategy at AstraZeneca said: "Grünenthal is an
established partner with expertise in the treatment of pain. It is
well placed to ensure patients continue to benefit from Zomig, and
to extend the commercial potential of the medicine through its
dedicated salesforce."
Gabriel Baertschi, CEO of Grünenthal said: "Migraine is a very
debilitating disease with more than 75 million people worldwide
suffering from attacks that can lead to sensitivity to light or
sound, to nausea or even vomiting. The acquisition of the
well-established Zomig products complements our existing pain
portfolio. Migraine has been one of the very few main pain
indications we haven't yet been able to offer a solution for. This
is an important step to reach our ambition to become a EUR2 billion
company by 2022. It will also support our efforts to bring four to
five innovative products to market in the same timeframe."
Financial considerations
In 2016, revenues from Zomig outside Japan were $96 million,
including Product Sales and Externalisation Revenue. The
transaction is expected to complete in the second quarter of 2017,
subject to customary closing conditions and regulatory clearances.
The net consideration from the agreement will be reported as Other
Operating Income in the Company's financial statements. The
agreement does not impact the Company's financial guidance for
2017.
About Zomig
Zomig (zolmitriptan) is indicated for the acute treatment of
migraine, and for the acute treatment of cluster headache in the
EU. Zomig is available in three formulations: An oral tablet,
orally dispersible tablet and nasal spray.
About Grünenthal
The Grünenthal Group is an entrepreneurial, science-based
pharmaceutical company specialized in pain, gout and inflammation.
Our ambition is to deliver four to five new products to patients in
diseases with high unmet medical need by 2022 and become a EUR2
billion company. We are a fully integrated research &
development company with a long track record of bringing innovative
pain treatments and state-of-the-art technologies to patients. By
sustainably investing in our R&D above the industrial average,
we are strongly committed to innovation.
Grünenthal is an independent, family-owned company headquartered
in Aachen, Germany. We are present in 32 countries with affiliates
in Europe, Latin America and the US. Our products are sold in more
than 155 countries and approx. 5,500 employees are working for the
Grünenthal Group worldwide. In 2016, Grünenthal achieved revenues
of approx. EUR1.4 bn. More information: www.grunenthal.com. Follow
us on LinkedIn: @GrunenthalGroup
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 main therapy areas - Oncology, Cardiovascular & Metabolic
Diseases and Respiratory. The Company also is selectively active in
the areas of autoimmunity, neuroscience and infection. 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 and follow us on Twitter
@AstraZeneca.
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Adrian Kemp
Company Secretary, AstraZeneca PLC
This information is provided by RNS
The company news service from the London Stock Exchange
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