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The rights to a best selling drug, manufactured in Macclesfield, have been sold.
AstraZeneca has sold the rights to its cancer drug Zoladex in Canada and the US to TerSera Therapeutics, as the firm moves to focus on its newer oncology products.
The deal, which is expected to close by the end of March, will see AZ receive a £200m upfront payment for the rights, with ongoing sales-based payments. A further £50m is also up for grabs should Zoladex meet a series of sales-related milestones.
Mark Mallon, executive vice president of global product and portfolio strategy at AZ, said: “This agreement allows us to retain a significant share of the value of Zoladex in the US and Canada, while concentrating our resources on our innovative new oncology medicines.
“It also ensure patients have continued access to Zoladex, with TerSera’s dedicated focus helping to expand the potential of this important medicine.”
AZ will continue to manufacture Zoladex at its production facility in Macclesfield, Cheshire – the site having recently received a £120m investment injection – ensuring the ongoing supply of the drug for patients across the US and Canada.
Zoladex is an injectable hormone-releasing hormone agonist, used for the treatment of prostate cancer and breast cancer as well as various benign gynaecological disorders.