AstraZeneca sells Seroquel rights for $538m

AstraZeneca has agreed to sell its rights to Seroquel (quetiapine fumarate) and Seroquel XR to China-based pharmaceutical company Luye Pharma Group for $538 million.

The divestment is part of AstraZeneca’s strategy to focus on its three main therapy areas—oncology and respiratory, cardiovascular, and renal and metabolic diseases.

Announced on Monday, May 7, the deal will see Luye Pharma acquire the rights to the drugs in the UK, China and other international markets.

Seroquel is used primarily to treat schizophrenia and bipolar disease and has lost its compound patent protection globally. The Seroquel XR formulation patents have now also expired in the vast majority of markets, said AstraZeneca.

Mark Mallon, executive vice president of global product and portfolio strategy at AstraZeneca, said: “The agreement with Luye Pharma is in line with AstraZeneca’s strategy to focus on three main therapy areas while maximising the value from our legacy medicines like Seroquel.”

Yehong Zhang, head of Luye Pharma (International), added: “Central nervous system diseases continue to present a challenge to patients and healthcare systems across the world. This transaction represents another step in our effort to build a portfolio and platform to help address this issue.”

In January, AstraZeneca sold the US rights and New Drug Applications to four drugs to ANI Pharmaceuticals, a speciality pharmaceutical company.

Earlier this year, LSIPR spoke to Scott Alban, who is charged with protecting the innovation arising from AstraZeneca and its global biologics research and development arm, MedImmune, about protecting innovation and licensing at AstraZeneca.

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