AstraZeneca to sell five hypertension drugs to Atnahs Pharma
AstraZeneca has signed a deal valued at about $390 million with Atnahs Pharma, a portfolio company of Triton Fund V, to sell five of its hypertension drugs to the latter as they have lost patent protection across the world.
The deal will give Atnahs Pharma the global commercial rights to the hypertension medicines – Inderal (propranolol), Tenormin (atenolol), Tenoretic (atenolol, chlorthalidone fixed-dose combination), Zestoretic (lisinopril, hydrochlorothiazide fixed-dose combination), and Zestril (lisinopril).
Atnahs Pharma will not acquire the rights to the hypertension drugs in the US and India as the medicines were earlier divested. In Japan, AstraZeneca will retain the rights related to the hypertension medicines.
Ruud Dobber – Executive Vice President of AstraZeneca BioPharmaceuticals said: “These are important established medicines, and the divestment to Atnahs ensures they will continue to be available to patients. This transaction supports our strategy to realise value from our portfolio of non-core mature brands, enabling further investment in new medicines.”
As per the deal, Atnahs Pharma will pay $350 million upfront to AstraZeneca. The latter is expected to receive up to $40 million in the form of future sales-contingent payments between 2020 and 2022.
During the transition period, AstraZeneca will continue the production and distribution of Inderal, Tenormin, Tenoretic, Zestoretic, and Zestril to Atnahs Pharma.
The divested hypertension drugs registered annual sales of $132 million in 2018.
Dr. Amit Patel – CEO of Atnahs Pharma said: “The acquisition is strategically important and strengthens our position in Cardiovascular medicine. We consider these established medicines as highly trusted by patients and prescribers alike, and as very stable globally. The acquisition of these high-quality brands increases our size and diversification significantly.”
The deal is expected to close in Q1 2020 should it meet customary closing conditions and receive regulatory approvals.