AstraZeneca to Sublicense Global Rights to Movantik to RedHill Biopharma

Date : 02/25/2020 @ 7:41AM
Source : Dow Jones News
Stock : Redhill Boipharma Ltd (RDHL)
Quote : 4.53  0.16 (3.66%) @ 5:00AM

AstraZeneca to Sublicense Global Rights to Movantik to RedHill Biopharma

Redhill Boipharma (NASDAQ:RDHL)
Historical Stock Chart

2 Months : From Feb 2020 to Apr 2020

Click Here for more Redhill Boipharma Charts.
   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 adria.calatayud@dowjones.com

 

(END) Dow Jones Newswires

February 25, 2020 02:26 ET (07:26 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

Latest RDHL Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


$
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.