AstraZeneca signs $380m divestment deal

AstraZeneca has signed a multi-million dollar agreement with healthcare product firm Perrigo Company plc for the divestment of rights to sell Entocort, a gastroenterology medicine, in the US.

The agreement will see see Perrigo pay AstraZeneca, which operates a number of sites across the North West, $380m (around £250m) upon completion.

AstraZeneca’s executive vice president of global product and portfolio strategy, Luke Miels, said: “Our agreement with Perrigo completes the global divestment of Entocort, emphasising our strategic focus on three main therapy areas and providing further simplification of our supply chain.

“We are pleased to be working with Perrigo to ensure patients with Crohn’s disease in the US continue to benefit from this important medicine.”

Sales of Entocort in the US hit $89m in the year to September 2015.

Perrigo CEO Joseph C. Papa commented: “The addition of Entocort represents a strong strategic fit with our portfolio of prescription medicines.

“It supports our commitment to providing effective, affordable treatments to patients with gastroenterological conditions and we look forward to building on the brand’s success in the US market.”

The transaction follows AstraZeneca’s acquisition of Californian firm ZS Pharma for around $2.7bn (£1.78bn), announced earlier this month.

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