AstraZeneca and Shionogi settle Crestor arbitration

26 December 2013

Anglo-Swedish drug major AstraZeneca (LSE: AZN) revealed yesterday (December 26) the full resolution of arbitration proceedings with Japan’s Shionogi (TYO: 4507) related to the treatment of certain excise taxes and other specific items in the calculation of royalties on Crestor (rosuvastatin) sales.

In addition, AstraZeneca and Shionogi announced the extension of the global licence agreement for blockbuster cholesterol lowerer Crestor and the modification of the royalty structure, effective January 1, 2014. Shionogi licensed the drug to AstraZeneca in 1988.

The new agreement provides greater certainty for both parties in terms of the quantum of royalties due under the agreement and the period over which they will be payable.

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