Dec 16, 2019: AstraZeneca has completed an agreement with Cheplapharm Arzneimittel GmbH (Cheplapharm) to deprive its commercial rights to Seroquel (quetiapine fumarate immediate release) and Seroquel XR (quetiapine fumarate extended release) in Europe and Russia.
As per the terms of agreement, AstraZeneca has received a payment of $178m from Cheplapharm,may also receive future sales-contingent payments of up to $61m.
Future payment will be reported in AstraZeneca’s financial statements within the Other Operating Income & Expense in the fourth quarter of 2019.
In the year to 31 December 2018, the cumulative profit before tax referable to Seroquel and Seroquel XR in the relevant territories was $86m.
The deliberation was paid in cash and the profits will be used for general corporate purposes. Seroquel and Seroquel XR are atypical anti-psychotic medicines with antidepressant properties used for the treatment of schizophrenia and bipolar disorder.Â
Seroquel XRÂ is also approved in some markets for the major depressive disorder and generalised anxiety disorder.
https://www.astrazeneca.com/media-centre/press-releases/2019/agreement-with-cheplapharm-for-rights-to-seroquel-and-seroquel-xr-in-europe-and-russia-completed-16122019.html
