AZ and Luye Pharma complete agreement for Seroquel
28 June 2018 13:30 BST
Agreement with Luye Pharma Group for rights to Seroquel and Seroquel XR in the UK, China and other international markets completed
AstraZeneca today completed an agreement with Luye Pharma Group, Ltd. (Luye Pharma) for the sale and licence of the rights to Seroquel and Seroquel XR in the UK, China and other international markets, including Brazil, Australia, Saudi Arabia, Mexico, South Korea, Thailand, Argentina, Malaysia and South Africa.
Under the terms of the agreement, AstraZeneca has received a payment of $260m from Luye Pharma as part of the total $538m consideration. Further payments of $240m and $38m are due in December 2019 and July 2020, respectively, and a milestone payment is also due on the successful transition of certain activities to Luye Pharma. The present value of the upfront and future payments will be reported as Other Operating Income in the Company's financial statements in the second quarter of 2018.
Seroquel (quetiapine fumarate, immediate release, IR) and Seroquel XR (extended release formulation) are atypical, anti-psychotic medicines with antidepressant properties. The main indications for Seroquel are the treatment of schizophrenia and bipolar disorder. Seroquel XR is also approved in some markets for major depressive disorder and generalised anxiety disorder.
AstraZeneca is a global, science-led biopharmaceutical company that focuses on the discovery, development and commercialisation of prescription medicines, primarily for the treatment of diseases in three therapy areas - Oncology, Cardiovascular, Renal & Metabolism and Respiratory. The Company also is selectively active in the areas of autoimmunity, neuroscience and infection. AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide.
For more information, please visit www.astrazeneca.com and follow us on Twitter @AstraZeneca.
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