AstraZeneca said it sold the European rights to its Seloken heart medicines to Italian firm Recordati for about $300 million.
AstraZeneca said it entered an agreement with Recordati “for the commercial rights to Seloken/Seloken ZOK (metoprolol tartrate and metoprolol succinate respectively) and associated Logimax fixed-dose combination (metoprolol succinate and felodipine) treatments in Europe.”
Metoprolol succinate is a beta-blocker for the control of hypertension, angina and heart failure.
Recordati will pay AstraZeneca $300 million upon completion of the agreement.
“AstraZeneca will also receive sales-related income through tiered royalties, initially at a double-digit percentage of sales,” said AstraZeneca.
“AstraZeneca will manufacture and supply the medicines to Recordati under a supply agreement.”
Mark Mallon, Executive Vice President, Global Product & Portfolio Strategy at AstraZeneca, said: “This agreement allows us to concentrate our resources on bringing multiple new medicines to patients.
“Recordati’s expertise in cardiovascular disease and established European salesforce will help to expand the commercial potential of the Seloken brands, which are mature medicines for the new AstraZeneca.”