Redhill Boipharma (NASDAQ:RDHL)
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2 Months : From Feb 2020 to Apr 2020
By Adria Calatayud
AstraZeneca PLC said Tuesday that it has agreed to sublicense global rights to its Movantik drug, a treatment for opioid-induced constipation, to RedHill Biopharma Ltd.
AstraZeneca said RedHill will make an upfront payment of $52.5 million on closing and a further noncontingent payment of $15 million in 2021. The deal excludes Europe, Canada and Israel, AstraZeneca said.
The FTSE 100-listed pharmaceutical company said Movantik generated sales of $96 million in the U.S. last year. AstraZeneca will continue to manufacture and supply Movantik to RedHill during a transition period, it said.
The divestment is expected to be completed in the first quarter of 2020, subject to closing conditions and regulatory clearances, AstraZeneca said. The agreement won't affect AstraZeneca's financial guidance for 2020, the company said.
Write to Adria Calatayud at email@example.com
(END) Dow Jones Newswires
February 25, 2020 02:26 ET (07:26 GMT)
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