AstraZeneca divests international gastroenterolgy drug rights to Tillotts Pharma

17th Jul 2015 08:41

(ShareCast News) - Pharmaceuticals giant AstraZeneca has completed its agreement with Tillotts Pharma, part of the Zeria Group, for the divestment of global rights outside the US, to Entocort, which is a gastroenterology medicine for patients with mild to moderate Crohn's disease and ulcerative colitis.Upon completion of the transaction, Tillotts paid AstraZeneca $215m for the rights to sell and develop Entocort capsules and enema formulations outside the US. The agreement does not include the transfer of any AstraZeneca employees or facilities. AstraZeneca said the transaction reinforces its 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 agreement will not impact AstraZeneca's financial guidance for 2015.