StockMarketWire.com - Pharmaceutical giant AstraZeneca agreed to sell the rights to Crestor and associated medicines in over 30 countries in Europe, except the UK and Spain, to Grunenthal for up to $350 million.

The company said it would continue to manufacture and supply Crestor, a statin approved for the treatment of dyslipidaemia and hypercholesterolaemia, to Grunenthal during a transition period.

'AstraZeneca will also continue selling the medicine in other countries, including those in North America, in Japan, China and other emerging markets,' it added.

Under the terms of the deal, anticipated to close in the first quarter of 2021, Grunenthal would make an upfront, non-contingent payment to AstraZeneca of $320 million and may also make future milestone payments of up to $30 million.

In 2019, Crestor generated product sales of $136 million and pre-tax profit of $98 million in the countries covered by the agreement.

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