By Adria Calatayud
AstraZeneca PLC said Tuesday that it has agreed to sell rights to its Crestor and associated medicines in over 30 countries in Europe to Gruenenthal GmbH in a deal worth up to $350 million.
The U.K. pharmaceutical giant said the deal excludes the U.K. and Spain. The company will continue selling the medicine in other areas, including North America, Japan, China and other emerging markets.
Crestor is used to treat blood lipid disorders and to prevent cardiovascular events such as heart attacks and strokes.
AstraZeneca said it will receive an upfront, non-contingent payment of $320 million and may receive future milestone payments of up to $30 million.
The divestment is anticipated to close in the first quarter of 2021 and won't affect the AstraZeneca's guidance for 2020, it said.
AstraZeneca will continue to manufacture and supply Crestor to Grunenthal during a transition period.