Pharmaceutical company AstraZeneca PLC (AZN.LN) said Thursday that Aspen Group's (APZ.AU) unit will buy the remaining rights to its anesthetic medicines for up to $766 million.
Following the initial deal entered into in June 2016--which saw Aspen Global Incorporated gain exclusive commercialization rights to the medicines in markets outside the U.S.--Aspen Global will now buy the remaining rights to Diprivan, EMLA, Xylocaine/Xylocard/Xyloproct, Marcaine, Naropin, Carbocaine and Citanest.
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It is paying an initial $555 million for the remaining rights to the intellectual property and manufacturing knowledge related to the anesthetic medicines, plus a further $211 million based on performance.
AstraZeneca said it will continue to manufacture and supply the medicines to Aspen Global during a transition period of up to five years.
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(END) Dow Jones Newswires
September 14, 2017 02:41 ET (06:41 GMT)