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AstraZeneca sells rights for constipation drug to RedHill Biopharma

AstraZeneca will retain rights to sell Movantik in Europe, Canada and Israel

AstraZeneca - AstraZeneca sells rights for constipation drug to RedHill Biopharma

 

AstraZeneca PLC (LON:AZN) has sold the rights to its drug Movantik to RedHill Biopharma for US$67mln.

The treatment, used in patients suffering from constipation caused by painkillers, generated sales of US$96mln in the US alone last year.

 

READ: AstraZeneca revenues surge ahead but coronavirus clouds current year

The FTSE 100-listed firm has already divested the rights to sell the drug in Europe, Canada and Israel while the transaction, scheduled to complete in the first quarter, is not expected to hit guidance for 2020.

“This divestment supports our strategy to realise value from medicines in our portfolio that are mature or outside our current scope to enable reinvestment in our main therapy areas,” said Ruud Dobber, executive vice president at AstraZeneca’s biopharmaceuticals business unit.

Shares were flat at 7,416p on Tuesday morning.

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Price: 8573 GBX

LSE:AZN
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Market Cap: £112.41 billion
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