Astrazeneca sells Seloken European rights to Recordati

AstraZeneca announced that it has signed an agreement with Recordati for the commercial rights of Seloken/Seloken ZOK and associated Logimax fixed-dose combination treatments in Europe. Metoprolol succinate is a beta-blocker for the control of hypertension, angina and heart failure. Recordati will pay AstraZeneca $300 million upon completion of the agreement.

AstraZeneca will receive sales-related income through tiered royalties, initially at a double-digit percentage of sales. AstraZeneca will manufacture and supply the medicines to Recordati under a supply agreement.

AstraZeneca Executive Vice President, Mark Mallon said that this agreement allows them to concentrate their resources on bringing multiple new medicines to patients. Recordati’s expertise in cardiovascular disease and established European salesforce will help to expand the commercial potential of the Seloken brands, which are mature medicines for the new AstraZeneca.

AstraZeneca will continue to commercialise the medicines in all other markets, where it holds the rights. The transaction is expected to complete in the second quarter of 2017, subject to customary closing conditions and regulatory clearances. Based on the level of ongoing interest AstraZeneca will retain in the brands in Europe, the $300 million upfront and tiered royalties 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.