BRIEF—Cheplapharm buys more rights to Seroquel in Europe and Russia

AstraZeneca has completed an agreement to divest commercial rights to its atypical anti-psychotic Seroquel (quetiapine fumarate immediate release) and Seroquel XR (quetiapine fumarate extended release) in Europe and Russia to Cheplapharm Arzneimittel.

Under the terms of the agreement, AstraZeneca has received a payment of $178 million from Cheplapharm. The company may also receive future sales-contingent payments of up to $61 million. The upfront payment will be reported in AstraZeneca’s financial statements within Other Operating Income & Expense in the fourth quarter of 2019.

AstraZeneca previously divested the rights to Seroquel and Seroquel XR in the UK, Japan and other major international markets. AstraZeneca also agreed to divest the rights to the medicines in the USA and Canada to Cheplapharm earlier in 2019, as well as some other brands.