Business
AstraZeneca divests rights to Arimidex and Casodex
AstraZeneca divests rights to Arimidex and Casodex.
About this update from Astrazeneca Plc
[{"type":"text","content":"\n \nRNS Number : 6170X AstraZeneca PLC 20 December 2019 \n\n20 December 2019 07:00 GMT\n \nAstraZeneca divests rights to Arimidex and Casodex\nin Europe and certain additional countries\n \nSale to Juvisé Pharmaceuticals supports AstraZeneca's strategy\nof focusing on pipeline of new medicines \n \nAstraZeneca today announced that it has agreed to sell the commercial rights to Arimidex (anastrozole) and Casodex (bicalutamide) in a number of European, African and other countries1 to Juvisé Pharmaceuticals. \n \nThe medicines, used primarily to treat breast and prostate cancers, have lost their compound patent protection in these countries. AstraZeneca already divested the rights to both Arimidex and Casodex in the US in 2017.\n \nDave Fredrickson, Executive Vice President, Oncology Business Unit, said: \"Arimidex and Casodex are important established medicines and we are pleased that Juvisé Pharmaceuticals will now take on the work of making sure patients continue to have access to them. Today's agreement is part of a broader strategy of reducing our portfolio of mature medicines to reallocate resources towards developing our pipeline of new medicines.\"\n \nFinancial considerations\nAs there were no closing conditions to the divestment, the agreement became effective upon signing. Juvisé Pharmaceuticals has made an upfront payment of $181m to AstraZeneca and may also make future sales-contingent payments of up to $17m. Income arising from the upfront payment will be reported in AstraZeneca's financial statements in the fourth quarter of 2019. Income from the upfront and any future payments will be reported within Other Operating Income & Expense. In 2018, Arimidex had sales of $37m in the countries covered by this agreement, while Casodex had sales of $24m. The divestment does not change the Company's financial guidance for 2019.\n \nAbout Arimidex\nArimidex (anastrozole) is an aromatase inhibitor, indicated primarily for the adjuvant treatment of postmenopausal women with hormone receptor-positive early breast cancer, the first-line treatment of postmenopausal women with hormone receptor-positive or hormone receptor-unknown locally advanced or metastatic breast cancer and the treatment of advanced breast cancer in postmenopausal women with dis...