AstraZeneca Completes US Aralez Agreement For Toprol-XL

(RTTNews) - AstraZeneca (AZN.L, AZN) announced the completion of its agreement with Aralez Pharmaceuticals Trading DAC, a subsidiary of Aralez Pharmaceuticals Inc., for the rights to branded and authorised generic Toprol-XL (metoprolol succinate) in the US. Toprol-XL is a beta-blocker medicine for the control of hypertension (high blood pressure), angina (chest pain) and heart failure, first approved in the US in 1992.

As per the agreement, AstraZeneca has received $175 million for the rights to Toprol-XL tablets in the US, and the authorised generic medicine marketed by Par Pharmaceuticals. Aralez will also pay AstraZeneca up to $48 million in milestone and sales-related payments, as well as mid-teen percentage royalties on sales. As AstraZeneca will retain an ongoing interest in Toprol-XL in the US through the ongoing milestones, royalties and product supply, these payments will be reported as Externalisation Revenue in the Company's financial statements.