AstraZeneca PLC (LON:AZN, NYSE:AZN)) has struck a US$770mln deal with the Aspen Group covering rights to its global anaesthetic portfolio outside the US.
The British drug group said Aspen's Aspen Global Incorporated (AGI) arm will acquire the commercialisation rights to AstraZeneca's portfolio of anaesthetic medicines for US$520mln upfront.
AGI also will pay AstraZeneca up to US$250mln in a product sales-related payment, as well as double-digit percentage trademark royalties on product sales.
AstraZeneca will make and supply the products on a cost-plus basis to AGI initially for a decade.
On completion, Aspen will assume responsibility for all activities relating to the sale of the portfolio in all relevant markets.
AstraZeneca's chief executive 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.
"This agreement supports our strategic focus on the new medicines in three main therapy areas."
AstraZeneca's portfolio of anaesthetics is available in more than a hundred countries worldwide, including key markets such as China, Japan, Australia and Brazil.
The portfolio, which contains brands such as Carbocaine, Citanest, Diprivan, Marcaine and Naropin, continues to generate stable revenue, with global product sales in 2015 of US$592mln.
It divested the US rights to the products to Abraxis, now part of Fresenius Kabi, in 2006.