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

Date: 2018-05-08   Author: Shikha Sinha  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


Shikha Sinha linkdin-boxtwitter

Shikha Sinha

Shikha currently manages the content team at AlgosOnline. An electrical & electronics engineer by education, she has prior experience in content & technology writing, content marketing, market research, and business development domains. Her other interests inc...

Read More

Post Recommendents

Antenatal Screening Market Share, By Product Analysis, Application, End-Use, Regional Outlook, Competitive Strategies & Forecast up to 2028

Author: Ashwin Naphade

Global Antenatal Screening Market, 2022-2028 Research Report provides crucial statistics on the market status of the Global Antenatal Screening manufacturers and is a respected source of guidance and direction for companies and individuals interes...


Pediatric Vitrectomy Market Size | Global Industry Analysis, Segments, Top Key Players, Drivers and Trends to 2028

Author: Ashwin Naphade

Global Pediatric Vitrectomy market report provides major statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.

The Pediatric Vitrectomy market repor...


Legionnaire Disease Testing Market Comprehensive Analysis, Share, Growth Forecast from 2022 to 2028c

Author: Ashwin Naphade

This report studies the Global Legionnaire Disease Testing market status and outlook of global and major regions, from angles of players, regions, product types and end industries; this report analyzes the top players in global and major regions, ...