Global European Rights to AstraZeneca’s Heart Failure Treatment Acquired by Recordati for $300M
Recordati announced that it has entered into an agreement with AstraZeneca for the acquisition of the rights to Seloken®/Seloken® ZOK (metoprolol succinate) and associated Logimax® fixed dose combination (metoprolol succinate and felodipine) treatments in Europe. Metoprolol succinate is a beta-blocker for the control of hypertension, angina and heart failure.
The consideration for the acquisition of the assets is of $300 million (approx. €270 million) and will be funded by existing liquidity and available credit lines. The closing of the transaction is subject to customary conditions and regulatory clearances and is expected to take place in the following weeks. In addition, royalties for the use of the existing product brands will be due to AstraZeneca for an agreed period.
Metoprolol succinate is a beta-blocker mainly indicated for the control of a range of conditions including hypertension, angina pectoris, disturbances of cardiac rhythm, maintenance treatment after myocardial infarction, and functional heart disorders with palpitations. Overall net sales in Europe in 2016 of the brands object of the transaction are of around € 100 million.
“We are very pleased with the agreement that we have entered into with AstraZeneca for the rights to their brands of metoprolol in Europe” stated Andrea Recordati, Vice Chairman and CEO. “Metoprolol is a widely used drug in all European countries and the market position achieved by the AstraZeneca brands will enable us to reinforce our product portfolios in a number of our European subsidiaries, in particular in Poland, France and Germany. Furthermore, existing sales of the metoprolol brands will provide the base to enter new markets and thus complete our European geographical footprint. Recordati has significant experience in the marketing of treatments for cardiovascular disease with an existing portfolio of medicines for hypertension and related conditions as well as an established salesforce across European markets. This new significant addition to our portfolio will strengthen our position in the European market and contribute to a further enhancement of our profitability margins”.
