Grünenthal buys right to migraine drug in up to $300 million deal

7 June 2017

Continuing its program of non-core product divestments, Anglo-Swedish pharma major AstraZeneca (LSE: AZN) has entered an agreement with family-owned German drugmaker Grünenthal for the global rights to Zomig (zolmitriptan) outside Japan.

Zomig is indicated for the acute treatment of migraines and cluster headaches, an area of medicine outside AstraZeneca’s strategic focus. The transaction is expected to be completed before the end of the second quarter of 2017, subject to regulatory clearances.

Under the terms of the deal, Grünenthal will pay AstraZeneca $200 million on completion. AstraZeneca will also receive up to an additional $102 million in future milestone payments. Grünenthal will acquire the rights to Zomig in all markets outside Japan, including the USA, where the rights were previously licensed to Impax Pharmaceuticals (Impax). Impax will continue to market Zomig in the USA. AstraZeneca will continue to manufacture and supply the medicine to Grünenthal during a transition period.

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