The FINANCIAL — AstraZeneca on July 17 announced that it has completed its agreement with Tillotts Pharma AG (Tillotts), part of the Zeria Group, for the divestment of global rights, outside the US, to Entocort (budesonide), a gastroenterology medicine for patients with mild to moderate Crohn’s disease and ulcerative colitis.
Upon completion of the transaction, Tillotts paid AstraZeneca $215 million for the rights to sell and develop Entocort capsules and enema formulations outside the US. The transaction does not include the transfer of any AstraZeneca employees or facilities, according to AstraZeneca.
The agreement reinforces AstraZeneca’s strategic focus on three main therapy areas. As AstraZeneca will no longer retain an interest in the ex-US rights to Entocort, the upfront receipt will be reported in Other Operating Income in the Company’s financial statements for 2015. The transaction does not impact AstraZeneca’s financial guidance for 2015.