AstraZeneca sells off cancer drug to TerSera for $250 million
AstraZeneca announced that it has sold Zoladex’s (goserelin acetate implant) commercial rights in the US and Canada to TerSera Therapeutics. The deal is broken down into an up-front payment of $250 million, with a further $70 million dependent on sales-related milestones.
Financially, the deal is loaded to ensure that AstraZeneca continues to profit on the drug after the commercial sell-off; It will receive a percentage of sales “at mid-teen percent of Product Sales” and AstraZeneca will also manufacture the drug and supply TerSera, bringing in steady revenue for AstraZeneca.
It’s a good thing too, as it was only at the end of last year that AstraZeneca opened a new facility in Macclesfield, in the UK, as part of the process to manufacture the drug. The facility cost £120 million to open and is responsible for creating the delivery device for Zoladex.
Mark Mallon, Executive Vice President, Global Product & Portfolio Strategy at AstraZeneca said: “This agreement allows us to retain a significant share of the value of Zoladex in the US and Canada, while concentrating our resources on our innovative New Oncology medicines. It also ensures patients have continued access to Zoladex, with TerSera’s dedicated focus helping to expand the potential of this important medicine.”
Zoladex is an injectable luteinising hormone-releasing hormone agonist that is currently used to treat prostate cancer, breast cancer and certain benign gynaecological disorders. It has been approved in the US and Canada since 1989.
Ed Fiorentino, Chairman and CEO of TerSera Therapeutics, said: “We are very pleased to be partnering with AstraZeneca, and investing in the future growth of Zoladex, which continues to be a mainstay of treatment for its indicated uses.”
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