10 February 2021 07:00 GMT
AstraZeneca has completed the divestment of the rights to Crestor (rosuvastatin) and associated medicines in over 30 countries in Europe to Grünenthal GmbH (Grünenthal). Rights in the UK and Spain were not included in the agreement.
Under the terms of the agreement, AstraZeneca received a payment of $320m from Grünenthal and may also be eligible for future milestone payments of up to $30m. The upfront payment will be reported in AstraZeneca’s financial statements within other operating income and expense in the first quarter of 2021.
Pursuant to London Stock Exchange listing rule 10.4.1R (notification of class 2 transactions), the gross book value of assets subject to the divestment as of 31 December 2019 was $nil. In 2019, Crestor generated product sales of $136m and profit before tax of $98m in the countries covered by the agreement. The consideration was and will be paid in cash and the proceeds used for general corporate purposes.
Crestor (rosuvastatin) is a statin, a lipid-lowering medicine, used to treat blood lipid disorders and to prevent cardiovascular events, such as heart attacks and strokes. Crestor produces its lipid-modifying effects in two ways: it blocks an enzyme in the liver, causing the liver to make less cholesterol, and it increases the uptake and breakdown by the liver of cholesterol already in the blood. Crestor is approved as a lipid-regulating medicine in more than 100 countries.
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.