KEYPOINTS
- AstraZeneca has agreed to transfer its global rights to Eklira (Aclidinium bromide), known as Tudorza in the US, and Duaklir (Aclidinium bromide/formoterol) to Covis Pharma Group (Covis Pharma).
- Both medicines are delivered via the Genuair device and used for the treatment of patients with chronic obstructive pulmonary disease (COPD).
- The agreement will ensure continued patient access to these established medicines.
- Covis Pharma previously acquired the rights to the respiratory medicines Alvesco, Omnaris, and Zetonna from AstraZeneca in 2018.
- Covis Pharma Will Pay AstraZeneca $270m On Completion
AstraZeneca To Transfer Rights To Eklira, Duaklir to Covis Pharma.
AstraZeneca said today (1 November 2021) it would transfer its global rights for respiratory medicines Eklira and Duaklir to Covis Pharma Group as the Anglo-Swedish drugmaker looks to offload its older portfolio of medicines.
The London-listed pharmaceutical company said the income arising from the upfront payment will be fully offset by a derecognition charge for the associated intangible asset, and that no other operating income will be recognized in the company’s financial statement.
In 2020, the medicines–which are used for the treatment of chronic obstructive pulmonary disease–generated revenue of $143 million in the countries covered by this agreement, AstraZeneca said. Covis Pharma will also cover certain continuing development costs related to the medicines, and that the transaction is expected to close in the fourth quarter, it said.
“The agreement will not impact the company’s financial guidance for 2021,” AstraZeneca said.
About Financial considerations:
Covis Pharma will pay AstraZeneca $270m on completion. Covis Pharma will also cover certain ongoing development costs related to the medicines. The income arising from the upfront payment will be fully offset by a charge for derecognition of the associated intangible asset and therefore no Other Operating Income will be recognized in AstraZeneca’s financial statements. In 2020, Eklira and Duaklir generated AstraZeneca revenue of $143m in the countries covered by this agreement.
The transaction is expected to close in the fourth quarter of 2021, subject to customary closing conditions and regulatory clearances. The agreement will not impact the Company’s financial guidance for 2021.
About Eklira and Duaklir:
Akira (Aclidinium bromide) and Duaklir (Aclidinium bromide/formoterol) are inhaled respiratory medicines used for the maintenance treatment of COPD. Akira is a long-acting muscarinic antagonist (LAMA), which is marketed in the US as Tudorza and in some countries as Bretaris. Duaklir is a combination therapy that contains both a LAMA and a long-acting beta2-agonist (LABA). It is marketed in some countries as Brimica. Both medicines are presented as a dry powder for inhalation and are delivered via a breath-actuated multi-dose dry powder inhaler, Genuair (Pressair in the US). AstraZeneca licensed the global rights to both products from Almirall S.A. in 2014.
About AstraZeneca:
AstraZeneca (LSE/STO/Nasdaq: AZN) is a global, science-led biopharmaceutical company that focuses on the discovery, development, and commercialization of prescription medicines in Oncology, Rare Diseases, and BioPharmaceuticals, including Cardiovascular, Renal & Metabolism, and Respiratory & Immunology. Based in Cambridge, UK, AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide.
About Covis Pharma:
Covis Pharma, a specialty pharmaceutical company, markets therapeutic solutions for patients with life-threatening and other serious medical conditions. It offers branded and generic pharmaceutical products and injectables in the cardiovascular, central nervous system, oncology, and acute care markets.