AstraZeneca on Wednesday sold its migraine treatment Zomig to German drugmaker Grunenthal in a deal worth $302 million, reports Reuters.
Here are four things to know.
- Grunenthal will make $200 million in upfront payments for the global rights to Zomig in all markets besides Japan, according to the report.
- AstraZeneca will be eligible for up to $102 million in milestone payments.
- Impax Pharmaceuticals previously licensed the U.S. rights to Zomig from AstraZeneca and will continue to sell the drug in this market, reports Reuters.
- The deal marks a recent string of divestitures for AstraZeneca, which is shifting focus to new disease treatments, including cancer drugs.
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