AstraZeneca PLC (LON:AZN) has agreed to sell the commercial rights to Arimidex and Casodex to French company Juvisé Pharmaceuticals for US$181mln.
Arimidex, also called anastrozole, stops the production of estrogen in postmenopausal women so it does not stimulate the production of breast cancer cells, while Casodex or bicalutamide similarly prevents androgens in men affected by prostate cancer.
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The FTSE 100-listed firm sold commercial rights in the US in 2017, with this latest deal covering most countries in Europe and Africa. Both drugs are off-patent.
An upfront payment of US$181mln can be followed by further instalments depending on sales for a maximum of US$17mln.
In 2018, Arimidex had sales of US$37mln and Casodex had sales of US$24mln in the countries covered by this agreement.
“Today's agreement is part of a broader strategy of reducing our portfolio of mature medicines to reallocate resources towards developing our pipeline of new medicines,” Dave Fredrickson, executive vice president in the oncology business unit, said in a statement.