Aspen acquires remaining rights to AZ anaesthetics
StockMarketWire.com - AstraZeneca has entered into an agreement for Aspen Global Incorporated to acquire the residual rights to the established anaesthetic medicines comprising of Diprivan, EMLA, Xylocaine/Xylocard/Xyloproct, Marcaine, Naropin, Carbocaine and Citanest.
AstraZeneca entered into an agreement with AGI in June 2016, under which AGI gained the exclusive commercialisation rights to the medicines in markets outside the US.
Under the terms of the new agreement, AGI will now acquire the remaining rights to the intellectual property and manufacturing know-how related to the anaesthetic medicines for an upfront consideration of $555 million.
Additionally, AGI will pay AstraZeneca up to $211 million in performance-related milestones based on sales and gross margin during the period from 1 September 2017 to 30 November 2019.
AstraZeneca will continue to manufacture and supply the medicines to AGI during a transition period of up to five years.
At 9:24am: (LON:AZN) AstraZeneca PLC share price was +21.75p at 4867.25p
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