AstraZeneca has offloaded two respiratory medicines for $270 million as it concentrates investment on its new pipeline of drugs.
The Anglo-Swedish pharmaceuticals group has agreed to transfer the global rights for Eklira and Duaklir, treatments for chronic obstructive pulmonary disease, to Covis Pharma, a Luxembourg-headquartered company that is focused on chronic illnesses.
The deal comes after a separate transaction with Covis three years ago in which AstraZeneca divested three older respiratory drugs in an agreement worth at least $350 million.
AstraZeneca is one of Britain’s two largest drugs groups, along with GlaxoSmithKline. Pascal Soriot, 62, its chief executive since 2012, has transformed the company’s pipeline of new drugs, focusing on oncology, respiratory and cardiovascular therapies, and more recently rare diseases in the wake of its $39 billion takeover of Alexion. The strategy has included offloading older drugs to bolster funds to develop and commercialise new medicines.
Respiratory drugs are one of the group’s largest businesses. Including immunology medicines, they generated revenues of almost $3 billion in the six months to June, up 6 per cent year-on-year.
Advertisement
The company has focused on newer, faster-growing respiratory medicines and on the development and distribution of the Oxford Covid-19 vaccine. There is uncertainty over whether AstraZeneca, which was not a vaccine specialist before the pandemic, will opt to build a vaccines business beyond the pandemic or will look to transfer its rights to a competitor.
Shares in AstraZeneca rose 44p, or 0.5 per cent, to £91.38 yesterday.
