AstraZeneca has offloaded the rights to a migraine drug as the pharmaceuticals company focuses on a year of big trial and regulatory results.
The Cambridge-based business will receive about $300 million from Grünenthal, a privately owned German group, as part of the deal.
Grünenthal will pay $200 million on completion for the rights to Zomig in all markets outside Japan and up to $102 million in milestone payments. The drug generated revenue of $96 million last year outside Japan and AstraZeneca will continue to supply Zomig to Grünenthal.
It is the latest divestment by Astra as it concentrates on commercialising its promising pipeline. It struck a European licensing agreement for Seloken and Logimax, two heart medicines, last month with Recordati, of Italy, for $300 million, plus royalties. In March it entered a $230 million deal with Circassia Pharmaceuticals for the American rights to two lung drugs.
Pascal Soriot, chief executive, has called this a pivotal year. Results from several late-stage drugs, including Mystic, a cancer trial, are expected and Mr Soriot is under pressure to prove he was right to rebuff a takeover approach from Pfizer in 2014.
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In May, AstraZeneca announced positive results from Imfinzi, a lung cancer drug. The company’s shares have risen by about a fifth this year, but closed down 53p at £53.02.