AstraZeneca has entered an agreement to provide the commercial rights for Seloken/Seloken ZOK (metoprolol tartrate and metoprolol succinate respectively) and associated Logimax fixed-dose combination (metoprolol succinate and felodipine) treatments in Europe to Recordati .
Under the agreement, Recordati will pay AstraZeneca $300m following completion of the deal, while AstraZeneca will manufacture and supply medicines to Recordati.
AstraZeneca will also be eligible to receive tiered royalties based on sales, initially at a double-digit percentage.
AstraZeneca Global Product and Portfolio Strategy executive vice-president Mark Mallon said: "This agreement allows us to concentrate our resources on bringing multiple new medicines to patients.
"Recordati’s expertise in cardiovascular disease and established European salesforce will help to expand the commercial potential of the Seloken brands, which are mature medicines for the new AstraZeneca."
Seloken (metoprolol) is indicated to control hypertension, angina pectoris, disturbances of cardiac rhythm, myocardial infarction treatment and functional heart disorders with palpitations. In the European market, it is available under different brand names.
Logimax is the fixed-dose combination of metoprolol succinate with felodipine which is used to control hypertension.
AstraZeneca will retain the commercialisation rights of these medicines in all other markets.
The transaction is expected to complete in this quarter, subject to customary closing conditions and regulatory clearances.
Last year, product sales for the Seloken brands and Logimax were reported to be around $110m in Europe.
This transaction including the $300m upfront payment and tiered royalties will be reported as other operating income in the AstraZeneca’s financial statements.