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The $243 million will be paid upon completion of the agreements along with sales-contingent milestones of up to $33 million in 2021 and 2022.
AstraZeneca announced it is selling the global commercial rights for Losec (omeprazole), a proton pump inhibitor for acid reduction for patients with gastrointestinal reflux conditions and ulcers, and associated brands to Cheplapharm Arzneimittel GmbH, a German pharmaceutical company that handles branded drugs, medical products, supplements, and cosmetics, for $243 million.
According to an Oct. 1, 2019 press release, the $243 million will be paid upon completion of the agreements along with sales-contingent milestones of up to $33 million in 2021 and 2022. In 2018, the drug was valued a $272 million, according to the company’s annual report.
“This agreement forms part of our strategy of reducing the portfolio of mature medicines to enable reinvestment in our main therapy areas, accelerating the number of innovative new medicines for patients with high unmet medical need,” said Ruud Dobber, executive vice-president, BioPharmaceuticals, AstraZeneca, in the press release. “We already have an excellent relationship with Cheplapharm, and their strong European presence and global distribution network will help ensure continued patient access to Losec.”
The sale will include medicines containing omeprazole marketed by AstraZeneca or its partners under the Acimax, Antra, Mepral, Mopral, Omepral, and Zoltum medicine names.
AstraZeneca will still hold the rights to supply and manufacture the drug in China, Japan, the United States, and Mexico, which are excluded from the sale.