AstraZeneca has struck a $320m (£256m) deal with TerSera Therapeutics to sell the commercial rights of its Zoladex cancer treatment in the US and Canada.
Zoladex is an injectable drug used to treat malignant prostate and breast cancer.
As part of the deal, AstraZeneca will receive sales-related income through milestones totalling up to $70m. In 2016, product sales for Zoladex were $69m in the US and Canada, and $816m globally.
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Mark Mallon, executive vice president, global product and portfolio strategy, AstraZeneca said: “This agreement allows us to retain a significant share of the value of Zoladex in the US and Canada, while concentrating our resources on our innovative New Oncology medicines. It also ensures patients have continued access to Zoladex, with TerSera’s dedicated focus helping to expand the potential of this important medicine.”
Ed Fiorentino, chairman and CEO of TerSera Therapeutics, said: “We are very pleased to be partnering with AstraZeneca, and investing in the future growth of Zoladex, which continues to be a mainstay of treatment for its indicated uses.”