Grünenthal buys European rights to Crestor for up to $350 million

UK pharma major AstraZeneca (LSE: AZN) has agreed to sell the rights to cholesterol-lowerer Crestor (rosuvastatin) and associated medicines in over 30 countries in Europe, except the UK and Spain, to family-owned German drugmaker Grünenthal.

The divestment is anticipated to close in the first quarter of 2021, subject to customary closing conditions and regulatory clearances, upon which Grünenthal will make an upfront, non-contingent payment to AstraZeneca of $320 million and may also make future milestone payments of up to $30 million. Income arising from the upfront and future payments will be reported in AstraZeneca’s financial statements within Other Operating Income & Expense. The divestment will not impact the company’s financial guidance for 2020.

Total Crestor 2019 sales in the countries where rights were acquired were $ 136 million (122 million euros). The drug is among the leading statin products in Europe and is indicated for the treatment of dyslipidemia, hypercholesterolemia and the prevention of cardiovascular events, and continues to generate significant revenues despite having lost exclusivity.