AstraZeneca announced that it has entered into an agreement with Perrigo Company plc for the divestment of US rights to Entocort®
(budesonide), a gastroenterology medicine 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 will pay AstraZeneca $380
million upon completion of the transaction to acquire the rights to sell
Entocort capsules and the authorised generic Entocort
capsules marketed by Par Pharmaceuticals. The transaction does not
include the transfer of any AstraZeneca employees or facilities.
US product sales of Entocort were $89 million in the
year-to-date (at nine months 2015). The transaction is expected to
complete by the end of 2015, subject to customary closing conditions.
AstraZeneca’s 2015 Core Earnings Per Share guidance was upgraded at
Year-To-Date & Third Quarter 2015 Results on 5 November and is
maintained as it was provided, in the range of mid to high single-digit
percentage increase versus the prior year and at constant exchange
rates. As AstraZeneca will no longer retain an interest in the US rights
to Entocort, the upfront gross receipt will be reported in Other Operating Income in the Company’s financial statements.
