Recordnet.com
 

Aug 24, 1:26 PM EDT

AstraZeneca to sell antibiotic pills business to Pfizer


LONDON (AP) -- Pharmaceutical company AstraZeneca plans to sell its antibiotic pills business to Pfizer in a deal that will be valued in excess of $1.5 billion when rights, royalties and other payments are included.

The sale marks a thawing of relations between the British company and New York-based Pfizer after an acrimonious battle to avoid a takeover just a few years ago.

Under the deal, AstraZeneca will sell the commercialization and development rights in most markets globally outside the United States. It includes an upfront payment of $550 million.

Luke Miels, the head of the antibiotics business unit at AstraZeneca, says the company is "pleased that our strong science in antibiotics will continue to serve a critical public health need through Pfizer's dedicated focus on infectious diseases."

© 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.