Aspen Global has entered into a commercialisation agreement with UK-based pharmaceutical company AstraZeneca, to acquire the commercialisation rights for the latter's global portfolio of anaesthetic medicines outside the US.
The agreement includes seven anaesthetic medicines, EMLA (topical anaesthetic), Diprivan (general anaesthesia), and five local anaesthetics including Xylocaine / Xylocard / Xyloproct, Naropin, Marcaine, Carbocaine and Citanest.
AstraZeneca CEO Pascal Soriot said: "AstraZeneca has a rich heritage in anaesthetic medicines and this agreement will extend the reach of our established portfolio to a greater number of patients through AGI's extensive commercial network."
Under the deal, the acquisition will be completed for an upfront consideration of $520m, in addition to which Aspen Global will pay up to $250m to AstraZeneca in a product sales-related payment, as well as double-digit percentage trademark royalties on Product Sales.
With the acquisition, AstraZeneca will be responsible for producing and delivering the products on a cost plus basis to Aspen Global for an initial period of ten years.
Upon completion of the deal, Aspen will carry out the responsibilities for all activities related to the sale of its anaesthetics portfolio in all relevant markets.
Aspen group chief executive Stephen Saad said: "This is a strategically-important investment for AGI and it is pleasing to have a company such as AstraZeneca recognise Aspen's commercial competencies."
AstraZeneca's portfolio of anaesthetic medicines is available in more than a hundred countries across the world, including major markets such as Japan, China, Brazil and Australia.
In 2006, the commercialisation rights of the anaesthetic portfolio in the US markets were sold to Abraxis, which is now part of European health care company Fresenius Kabi.