Pfizer to buy antibiotics business from AstraZeneca
AstraZeneca, which saw off a $120 billion takeover attempt by Pfizer in 2014, said the sale would allow it to focus on developing new medicines in its main areas of cancer, and respiratory and cardiovascular diseases.
The U.S. company, which on Monday bought cancer drug firm Medivation for $14 billion in cash, said the antibiotics would enhance its portfolio of more than 60 anti-infective and anti-fungal medicines.
The medicines include approved antibiotics Merrem, Zinforo and Zavicefta, and ATM-AVI and CXL, which are in clinical development, AstraZeneca said.
Pfizer will pay $550 million upon completion and a further unconditional $175 million in January 2019, AstraZeneca said.
It will also pay up to $250 million in milestone fees, up to $600 million in sales-related payments and recurring, double-digit royalties on future sales of Zavicefta and ATM-AVI in certain markets. ■