AstraZeneca divests US Synagis rights for $1.5 billion upfront, and more to follow

Continuing its divestment program for non-core products, AstraZeneca (LSE: AZN) has announced a second deal within less than a week, with the news lifting its shares 0.89% to 6,306.50 pence.

AstraZeneca has agreed to sell US rights to Synagis (palivizumab) used for the prevention of serious lower respiratory tract infection (LRTI) caused by respiratory syncytial virus (RSV) to Swedish Orphan Biovitrum (STO: SOBI). Sobi will commercialize Synagis in the USA and around 130 AstraZeneca employees will transfer to Sobi as part of the transaction. Sobi’s shares leapt an initial 4.2%, but fell back to a 0.89% rise to 181.05 Swedish kronor by late morning.

Sobi will also have the right to participate in AstraZeneca’s share of US profits and losses related to potential new medicine MEDI8897. straZeneca will continue to develop MEDI8897 in collaboration with Sanofi Pasteur, the vaccines division of Sanofi (Euronext: SAN). MEDI8897 is a single dose extended half-life anti-RSV F monoclonal antibody (MAb) being developed for the prevention of LRTI caused by RSV in all infants entering their first RSV season and children with chronic lung disease or congenital heart disease entering their first and second RSV season.