AstraZeneca Sells Part of Antibiotics Business to Pfizer for Up to $1.575 Billion
August 24 2016 - 3:17AM
Dow Jones News
By Denise Roland
AstraZeneca PLC said it has agreed to sell part of its
antibiotics business to Pfizer Inc. for up to $1.575 billion plus
royalties.
Under the terms of the deal Pfizer will pay Astra $550 million
upfront plus an unconditional $175 million in January 2019. Then,
depending on the progress and commercial success of the drugs in
question, it will pay a further $850 million plus royalties.
The deal involves three already-approved antibiotics and two
drugs in clinical trials. It will give Pfizer the right to sell
those drugs in most markets outside the U.S.
It doesn't involve Astra's portfolio of biological
anti-infective drugs, or the business it spun out last year to
focus on the development of innovative anti-infectives.
Write to Denise Roland at Denise.Roland@wsj.com
(END) Dow Jones Newswires
August 24, 2016 03:02 ET (07:02 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Pfizer (NYSE:PFE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Pfizer (NYSE:PFE)
Historical Stock Chart
From Sep 2023 to Sep 2024