24 August 2016
AstraZeneca has announced that it has entered into an agreement with Pfizer Inc. for selling the development and commercialization rights to its late-stage small molecule antibiotics business in most markets outside the US. This agreement supports AstraZeneca’s focus on developing transformational medicines in its three main therapy areas, while realising value from the strong portfolio of established and late-stage small molecule antibiotics by dedicated development and commercialisation capabilities of Pfizer in anti-infectives. The portfolio comprises the approved antibiotics Merrem, ATM-AVI, Zinforo and Zavicefta, and CXL, which are in clinical development.
As per the terms of the agreement, Pfizer will make an upfront payment to AstraZeneca of $550 million and a further unconditional payment of $175 million in January 2019 for the development and commercialisation rights to the late-stage antibiotics business in all markets where AstraZeneca holds the rights.
Luke Miels, Executive Vice President for Europe and Head of the Antibiotics Business Unit at AstraZeneca, said: “This agreement reinforces our strategic focus to invest in our three main therapy areas where we can make the greatest difference to patients’ lives. We’re pleased that our strong science in antibiotics will continue to serve a critical public health need through Pfizer’s dedicated focus on infectious diseases, ensuring these important medicines reach greater numbers of patients around the world.”
“As we continue to reshape our Essential Health portfolio, we are focusing on areas that further address global public health needs and that complement our core capabilities and experience in therapeutic areas, including anti-infectives. We are committed to looking for ways to enhance our portfolio around the world where we offer patients and healthcare professionals access to more than 60 anti-infective and anti-fungal medicines. The addition of AstraZeneca’s complementary small molecule anti-infectives portfolio will help expand patient access to these important medicines and enhance our global expertise and offerings in this increasingly important area of therapeutics, in addition to providing the opportunity for near-term revenue growth,” said John Young, Group President, Pfizer Essential Health.