AstraZeneca (AZN) announced it has entered into a commercialization agreement with Aspen Global Incorporated for rights to its global anesthetics portfolio outside the U.S. The agreement covers seven established medicines - Diprivan, EMLA and five local anesthetics.
Under the terms of the agreement, AGI will acquire the commercialization rights, outside the U.S., to AstraZeneca's portfolio of anesthetic medicines for an upfront consideration of $520M. Additionally, AGI will pay AstraZeneca up to $250M in a product sales-related payment, as well as double-digit percentage trademark royalties on product Sales.
AstraZeneca will manufacture and supply the products on a cost plus basis to AGI for an initial period of 10 years. Upon completion, Aspen will assume responsibility for all activities relating to the sale of the portfolio in all relevant markets. AstraZeneca's portfolio of anesthetics is available in over a hundred countries worldwide. The portfolio had global product sales in 2015 of $592M.
The U.S. rights to the products were divested to Abraxis, now part of Fresenius Kabi, in 2006. AstraZeneca said it "will retain a significant ongoing interest in the anesthetics portfolio through ongoing milestone and royalty payments and the manufacture and supply of the products to Aspen." The agreement will not impact the Company's financial guidance for 2016, it added.
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