Grünenthal agrees $922 million deal for Nexium and Vimovo rights

As part of its strategy to focus on core therapeutic areas, AstraZeneca (LSE: AZN) has agreed to divest the prescription medicine rights to Nexium (esomeprazole) in Europe, as well as the global rights (excluding the US and Japan) to Vimovo (naproxen/esomeprazole)  to Grünenthal.

This is the biggest single investment in German family-owned drugmaker’s history, and will significantly strengthen the company's leading position in pain management. In June last year, Grünenthal entered into an agreement with AstraZeneca for the global rights to migraine and headache treatment Zomig (zolmitriptan) excluding Japan, for which it paid $200 million upon completion plus an additional $102 million in future milestone payments.

The medicinesare outside the Anglo-Swedish pharma major’s three main therapy areas of Oncology, Cardiovascular, Renal & Metabolism and Respiratory. Nexium has lost compound patent protection in the majority of global markets. Vimovo is patent protected in most European markets until 2025, noted AstraZeneca, whose shares edged up 0.92% to 5,918 pence by mid-morning.