LONDON (Reuters) - AstraZeneca said it had agreed to sell the remaining rights to a portfolio of anesthetics to South Africa’s Aspen Group for up to $766 million, a year after Aspen bought the commercial rights outside the United States.
The British group said it would continue to manufacture and supply the seven medicines - Diprivan, EMLA, Xylocaine/Xylocard/Xyloproct, Marcaine, Naropin, Carbocaine and Citanest - for a transition period of up to five years.
“Disposing the remaining rights to the medicines allows both companies to benefit from greater efficiencies as AstraZeneca continues to focus our resources on our three main therapy areas,” said AstraZeneca executive Mark Mallon.
AstraZeneca is focusing on oncology, cardiovascular and metabolic diseases and respiratory treatments.
It said the deal, which comprises an upfront $555 million and performance related payments of up to $211 million, did not change its financial guidance for 2017.
(This version of the story corrects first paragraph to say the remaining rights, not U.S. rights, are being sold)
Reporting by Paul Sandle; editing by Jason Neely
Our Standards: The Thomson Reuters Trust Principles.