AstraZeneca Sells Anaesthetics Meds to Aspen for $766M

Sep 14, 2017

AstraZeneca has entered into an agreement with Aspen Global Incorporated (AGI), part of the Aspen Group, under which AGI will acquire the residual rights to the established anaesthetic medicines comprising Diprivan, EMLA, Xylocaine/Xylocard/Xyloproct, Marcaine, Naropin, Carbocaine and Citanest.

AstraZeneca entered into an agreement with AGI in June 2016, under which AGI gained the commercialization rights to the medicines in markets outside the U.S. AGI will now acquire the remaining rights to the intellectual property and manufacturing know-how related to the anaesthetic medicines for an upfront consideration of $555 million. Additionally, AGI will pay AstraZeneca up to $211 million in performance-related milestones based on sales and gross margin during the period from Sept. 1, 2017, to Nov. 30, 2019. AstraZeneca will continue to manufacture and supply the medicines to AGI during a transition period of up to five years.

The new, additional agreement is expected to close in the fourth quarter of 2017, subject to customary closing conditions and regulatory clearances. It does not impact AstraZeneca’s financial guidance for 2017.

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