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AstraZeneca sells rare cancer drug to Sanofi for up $300 mln

Reuters - UK Focus

LONDON, July 27 (Reuters) - AstraZeneca (NYSE: AZN - news) , under pressure from falling sales of older drugs, is selling a medicine for a rare type of cancer to Sanofi (NasdaqGM: GCVRZ - news) as it continues a drive to raise cash by divesting certain assets.

Sanofi's rare diseases unit Genzyme will pay AstraZeneca up to $300 million for global rights to Caprelsa, including an upfront payment of $165 million and further milestone payments based on the drug's performance of up to $135 million, the companies said on Monday.

Caprelsa is currently sold in 28 countries for treating medullary thyroid carcinoma and had sales last year of $48 million.

(Reporting by Ben Hirschler)