Advertisement
Singapore markets close in 3 hours 31 minutes

  • Straits Times Index

    3,283.46
    -9.67 (-0.29%)
     

  • Nikkei

    37,655.28
    -804.80 (-2.09%)
     

  • Hang Seng

    17,275.31
    +74.04 (+0.43%)
     

  • FTSE 100

    8,040.38
    -4.43 (-0.06%)
     

  • Bitcoin USD

    64,058.73
    -2,768.83 (-4.14%)
     

  • CMC Crypto 200

    1,387.49
    -36.61 (-2.57%)
     

  • S&P 500

    5,071.63
    +1.08 (+0.02%)
     

  • Dow

    38,460.92
    -42.77 (-0.11%)
     

  • Nasdaq

    15,712.75
    +16.11 (+0.10%)
     

  • Gold

    2,329.40
    -9.00 (-0.38%)
     

  • Crude Oil

    82.93
    +0.12 (+0.14%)
     

  • 10-Yr Bond

    4.6520
    +0.0540 (+1.17%)
     

  • FTSE Bursa Malaysia

    1,570.29
    -1.19 (-0.08%)
     

  • Jakarta Composite Index

    7,157.23
    -17.30 (-0.24%)
     

  • PSE Index

    6,579.28
    +6.53 (+0.10%)
     

AstraZeneca sells EU, Latam gout drug rights to Gruenenthal

Reuters

LONDON (Reuters) - AstraZeneca (AZN.L) has sold the European and Latin American rights to its new gout drug Zurampic to private German drugmaker Gruenenthal for up to $230 million (159.49 million pounds), following a similar disposal of U.S. rights to the medicine.

The British group said on Thursday up it would receive up to $230 million in sales and other related milestones over the lifetime of the contract, with Gruenenthal also paying royalties on sales.

In April, Ironwood Pharmaceuticals (IRWD.O) bought U.S. marketing rights to the newly approved drug for up to $265 million.

AstraZeneca has a strategy of selling certain rights to non-core medicines as it invests in new drugs. But the disposal of Zurampic has led some analysts to question the success of its past acquisitions, since AstraZeneca only bought the drug's original developer Ardea Biosciences in 2012 for $1.26 billion.

(Reporting by Ben Hirschler. Editing by Jane Merriman)