AstraZeneca sells US Entocort rights to Perrigo

Anglo-Swedish pharma major AstraZeneca (LSE: AZN) has entered into an agreement with Perrigo (NYSE: PRGO) for the divestment of US rights to Entocort (budesonide), a gastroenterology drugs for patients with mild to moderate Crohn’s disease, an area of medicine outside AstraZeneca’s strategic focus.

Under the terms of the agreement, Perrigo, which has just fended off a hostile takeover attempt by Mylan (Nasdaq: MYL; The Pharma Letter November 13), will pay AstraZeneca $380 million upon completion of the transaction to acquire the rights to sell Entocort capsules and the authorized generic capsules marketed by Par Pharmaceuticals. The transaction does not include the transfer of any AstraZeneca employees or facilities.

Luke Miels, executive vice president, global product and portfolio strategy, at AstraZeneca, said: “Our agreement with Perrigo completes the global divestment of Entocort, emphasizing our strategic focus on three main therapy areas and providing further simplification of our supply chain. We are pleased to be working with Perrigo to ensure patients with Crohn’s disease in the US continue to benefit from this important medicine.”