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AstraZeneca to sell antibiotics business to Pfizer

Reuters - UK Focus

LONDON, Aug 24 (Reuters) - Pharmaceutical company AstraZeneca (NYSE: AZN - news) said it had agreed to sell its small molecule antibiotics business to Pfizer (NYSE: PFE - news) in a deal that could reach more than $1.5 billion.

The portfolio includes approved antibiotics Merrem, Zinforo and Zavicefta, and ATM-AVI (Other OTC: AVSFF - news) and CXL, which are in clinical development, it said.

Pfizer will pay $550 million upon completion and a further unconditional $175 million in January 2019, AstraZeneca said, plus up to $250 million in milestones, up to $600 million in sales-related payments and recurring, double-digit royalties on future sales of Zavicefta and ATM-AVI in certain markets.

The British company said the agreement did not impact its financial guidance for 2016.

(Reporting by Paul Sandle; editing by Kate Holton)