AstraZeneca licenses European rights to constipation drug for $70m
pharmafile | March 1, 2016 | News story | Manufacturing and Production, Sales and Marketing | AstraZeneca, EU, Japan, Luke Miles, ProStrakan Group, constipation drug, moventig
AstraZeneca said on Tuesday it has agreed to licence rights to its constipation drug Moventig to Japan’s ProStrakan Group for an upfront payment $70 million.
Under the terms of agreement, ProStrakan, a unit of Japanese chemical maker Kyowa Hakko Kirin, will get the rights to the drug Moventig (naloxegol) in the European Union, Iceland, Norway, Switzerland and Liechtenstein. In addition, the company will also pay AstraZeneca tiered double-digit royalties on sales, as well as sales milestone, it said in a statement.
Luke Miels, executive vice president, global product and portfolio strategy, AstraZeneca, says: “This agreement is in line with our strategy to focus our resources within our three main therapy areas while unlocking value from the important medicines in our portfolio. ProStrakan’s significant expertise in the area of pain medication will ensure patients across Europe benefit from a first-in-class treatment. It complements our commitment along with Daiichi Sankyo to build the market and co-commercialise this important medicine in the US.”
The transaction does not include the transfer of any AstraZeneca employees or facilities. Moventig is currently available in the UK, Ireland, Germany, the Nordics, Austria and Switzerland.
Tom Stratford, chief executive of ProStrakan, comments: “Moventig is an excellent fit for our oncology and pain-focused sales teams across Europe and opens up broader opportunities to serve both cancer and non-cancer chronic pain patients with this innovative, first-in-class therapy. This important medicine will complement our existing breakthrough cancer pain products, Abstral and PecFent, and, through our existing contact with oncology and pain specialists across the continent as well as other planned physician groups, I am confident that we can make Moventig available as an option to a broad range of patients who suffer opioid-induced constipation.”
The deal does not impact the financial guidance for 2016, AstraZeneca confirmed.
Anjali Shukla
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