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

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

Australia to ban Huawei’s participation in 5G mobile telecom rollout
Author: Dhananjay Punekar

In a major blow to China-Australia relations, Australia is planning to exclude Huawei from the list of participants invited for the 5G mobile telecom rollout in the country. Reportedly, the country fears that the Chine...


Siemens pioneers facility to use ammonia for renewable energy storage
Author: Dhananjay Punekar

Siemens AG, a German firm headquartered in Munich, has inaugurated a £1.5 million pilot venture in Oxfordshire, with an aim to promoting the use of ammonia as a new kind of energy storage. Reportedly, the firm wa...


Shell offers engineering contract to Subsea 7 for Penguins Project
Author: Dhananjay Punekar

Royal Dutch Shell PLC, a renowned oil & gas firm, has offered Subsea 7 S.A., a UK based engineering, construction, and services firm, a contract for the redevelopment of its Penguins oil & gas field located in ...