Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
LONDON (AP) — Pharmaceutical company AstraZeneca plans to sell its molecule antibiotics business to Pfizer in a deal that will be valued in excess of $1.5 billion when rights, royalties and other payments are included.
The sale marks a thawing of relations between the British company and New York-based Pfizer after an acrimonious battle to avoid a takeover just a few years ago.
Under the deal, AstraZeneca will sell the commercialization and development rights in most markets globally outside the United States. It includes an upfront payment of $550 million.
Luke Miels, the head of the antibiotics business unit at AstraZeneca, says the company is "pleased that our strong science in antibiotics will continue to serve a critical public health need through Pfizer's dedicated focus on infectious diseases."
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
