AstraZeneca has entered into an agreement with Luye Pharma for the sale and licence of the rights to Seroquel and Seroquel XR in the United Kingdom, China and other international markets, including Brazil, Australia, Saudi Arabia, Mexico, South Korea, Thailand, Argentina, Malaysia and South Africa.
The transaction is part of AstraZeneca’s strategy to focus on its three main therapy areas of oncology, cardiovascular, renal & metabolism and respiratory. Seroquel, used primarily to treat schizophrenia and bipolar disease, has lost its compound patent protection globally. The Seroquel XR formulation patents have also expired in the majority of markets. AstraZeneca partnered the rights to Seroquel and Seroquel XR in Japan and Venezuela under prior agreements.
Luye Pharma will pay $538 million in consideration including $260 million immediately following closure of the transaction. In addition, a milestone is payable on the successful transition of certain activities to Luye. AstraZeneca will continue to manufacture and supply both treatments to Luye during a transition period.
Seroquel and Seroquel XR are atypical anti-psychotic medicines with antidepressant properties. The main indications for Seroquel are the treatment of schizophrenia and bipolar disorder. Seroquel XR is also approved in some markets for major depressive disorder and generalised anxiety disorder.
Read the AstraZeneca release