AstraZeneca has entered an agreement with Grünenthal for the global rights to Zomig (zolmitriptan) outside Japan.
Zomig is indicated for the acute treatment of migraines and cluster headaches, an area of medicine outside AstraZeneca’s strategic focus.
Grünenthal will pay AstraZeneca $200 million upon completion. AstraZeneca will also receive up to an additional $102 million in future milestone payments. Grünenthal will acquire the rights to Zomig in all markets outside Japan, including the US, where the rights were previously licensed to Impax Pharmaceuticals (Impax). Impax will continue to market Zomig in the US. AstraZeneca will continue to manufacture and supply the medicine to Grünenthal during a transition period.
“Grünenthal is an established partner with expertise in the treatment of pain. It is well placed to ensure patients continue to benefit from Zomig, and to extend the commercial potential of the medicine through its dedicated salesforce,” says Mark Mallon, Executive Vice President, Global Product & Portfolio Strategy at AstraZeneca.
In 2016, revenues from Zomig outside Japan were $96 million, including Product Sales and Externalisation Revenue. The transaction is expected to complete in the second quarter of 2017, subject to customary closing conditions and regulatory clearances. The net consideration from the agreement will be reported as Other Operating Income in the Company’s financial statements. The agreement does not impact the Company’s financial guidance for 2017.