AstraZeneca inks a $538 million sales rights contract with Luye Pharma
Date: 2018-05-08   Author: Saif Ali Bepari  Category: #news

AstraZeneca inks a $538 million sales rights contract with Luye Pharma

The Anglo-Swedish pharmaceutical major AstraZeneca has apparently announced to have sold the rights for Seroquel and Seroquel XR treatments, to Luye Pharma for an approximate $538 million. As per reports, the deal is in line with AstraZeneca’s strategy that aims to focus on its three chief therapy areas which include Renal & Metabolism and Respiratory, Cardiovascular, and Oncology.

Trusted sources claim that once the transaction is concluded, it would provide a total sum of USD 260 million to AstraZeneca and the outstanding amount would be paid at a later date.

For the record, Seroquel and Seroquel XR are atypical anti-psychotic medicines and are predominantly utilized to treat bipolar disease and schizophrenia. The latest agreement allows the Hong Kong headquartered Luye Pharma Group to sell these drugs in numerous international markets such as China, the UK, South Africa, Malaysia, Argentina, Thailand, South Korea, Mexico, Saudi Arabia, Australia, and Brazil.

Speaking on the development, AstraZeneca’s Executive Vice President, Mark Mallon was quoted stating that the latest agreement is part of the firm’s prospective plans to concentrate on three major therapy areas. He further stated that the deal would enhance the value of the legacy medicines like Seroquel.

As per reliable reports, AstraZeneca’s Seroquel has lost its compound patent protection globally. Moreover, the patents of Seroquel XR formulation have also expired in numerous markets across the world. In the financial year of 2017, Seroquel XR generated an annual sales revenue of about $63 million in the markets covered by these agreements while Seroquel made $85 million.

As has been reported, AstraZeneca had partnered the rights to Seroquel XR and Seroquel in Venezuela and Japan under previously signed contracts.

Subject to regulatory clearances and customary closing conditions, the latest deal is anticipated to be concluded by the end of second half of this year, cite sources.



About Author


Saif Ali Bepari

Saif Ali Bepari

Saif currently works as a content writer at Algosonline. A Computer Science graduate who has a zest for writing over coding, commenced his journey in the writing industry as a freelancer. Having had a prior freelance experience, he has tinkered with creative writing, ...

Read More

More from Saif


Post Recommendents

Home Builder CRM Software Market Analysis, Size, Regional Outlook, Competitive Strategies and Forecasts to 2024
Author: Partha Ray

The ' Home Builder CRM Software market' study added by Market Study Report, LLC, exhibits a comprehensive analysis of the growth trends present in the global business scenario. The study further presents conclusive data referring to the co...


Heavy Construction Software Market Global Outlook on Key Growth Trends, Factors
Author: Partha Ray

The research report on ' Heavy Construction Software market' now available with Market Study Report, LLC, offers a detailed analysis of the factors influencing the global business sphere. This report also provides precise information perta...


Video CODECs Market Analysis & Technological Innovation by Leading Key Players
Author: Partha Ray

This report Added by Market Study Report, LLC, focuses on factors influencing the present scenario of the ' Video CODECs market'. The research report also offers concise analysis referring to commercialization aspects, profit estimation an...