04 January 2021 07:00 GMT
AstraZeneca has completed the divestment of commercial rights to Atacand (candesartan cilexetil) and Atacand Plus (a fixed-dose combination of candesartan cilexetil and hydrochlorothiazide) in over 70 countries to Cheplapharm Arzneimittel GmbH (Cheplapharm).
Under the terms of the agreement AstraZeneca received a payment of $250m from Cheplapharm. AstraZeneca will receive further non-contingent payments equal to $150m during the first half of 2021. The present value of all payments, totalling $400m, will be reported in AstraZeneca’s financial statements within Other Operating Income in the fourth quarter of 2020.
Pursuant to London Stock Exchange listing rule 10.4.1R (notification of class 2 transactions), in 2019 Atacand and Atacand Plus generated product sales of $148m and profit before tax of $89m in the countries covered by the agreement. The gross book value of assets subject to the divestment at 31 December 2019 was $nil. The consideration was and will be paid in cash, and the proceeds used for general corporate purposes.
Atacand (candesartan cilexetil) is a selective AT1 subtype angiotensin II receptor antagonist that is indicated for the management of hypertension in adults and children/adolescents, as well as heart failure in adults. Atacand Plus is indicated for the management of hypertension when candesartan or hydrochlorothiazide monotherapy is not sufficiently effective. Atacand was developed in collaboration with Takeda Pharmaceutical Company Limited. Each company held the exclusive rights to the medicine in certain countries; in other countries, Atacand was co-marketed.
AstraZeneca (LSE/STO/Nasdaq: AZN) is a global, science-led biopharmaceutical company that focuses on the discovery, development and commercialisation of prescription medicines, primarily for the treatment of diseases in three therapy areas - Oncology, Cardiovascular, Renal & Metabolism, and Respiratory & Immunology. Based in Cambridge, UK, AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide. Please visit astrazeneca.com and follow the Company on Twitter @AstraZeneca.