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AstraZeneca Sells Marketing Rights To Seloken In Europe

Published 05/22/2017, 10:33 PM
Updated 07/09/2023, 06:31 AM

AstraZeneca plc (NYSE:AZN) announced that it has signed an agreement with Recordati S.p.A, granting commercial rights to Seloken/Seloken ZOK (metoprolol tartrate and metoprolol succinate respectively) and associated Logimax fixed-dose combination (metoprolol succinate and felodipine) to the latter in European markets.

Seloken is prescribed for controlling a range of conditions, which includes hypertension, angina pectoris and disturbances of cardiac rhythm. The drug is also used as maintenance treatment after myocardial infarction and functional heart disorders with palpitations. It is available in European markets under various brand names including Seloken, Seloken ZOK (extended release), Selo-Sok and Betaloc ZOK. Logimax is indicated for the control of hypertension.

AstraZeneca’s shares are up 24.2% year to date, comparing favorably with an increase of 8.6% witnessed by the Zacks classified Large-Cap Pharma industry.

Per the terms of the agreement, Recordati will pay an upfront payment of $300 million to AstraZeneca upon completion of the agreement. Moreover, AstraZeneca will receive royalties on sales in Europe. Initially, royalties will be a double-digit percentage of sales. As per a supply agreement signed between the companies, AstraZeneca will manufacture and supply the medicines to Recordati. The deal is expected to be completed this quarter..

In a separate press release, AstraZeneca announced that results from a phase III Zonda study, evaluating benralizumab for the treatment of severe asthma patients, were presented at the American Thoracic Society (ATS) 2017 International Congress.

Data from the study showed that adding benralizumab to standard of care led to statistically-significant and clinically relevant reduction in daily maintenance oral corticosteroid (OCS) use with two benralizumab dosing regimens compared with placebo. The median reduction in the OCS dose was 75% for patients treated with benralizumab compared with 25% for placebo.

According to the lead investigator of the trial, Parameswaran Nair, benralizumab reduced exacerbations rate by up to 70% at the same time, enabling patients with severe asthma to significantly lower their prednisone dose, an oral steroid, and maintain their lung function.

Benralizumab is yet to receive approval. It is under regulatory review in various countries including the U.S., EU and Japan. Regulatory submissions for benralizumab include data from the Zonda trial, along with two other pivotal phase III Sirocco and Calima trials. The FDA is expected to give its decision on benralizumab in the fourth quarter of 2017.

Astrazeneca (LON:AZN) PLC Price

Astrazeneca PLC Price | Astrazeneca PLC Quote

Zacks Rank & Stocks to Consider

AstraZeneca currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the health care sector include VIVUS, Inc. (NASDAQ:VVUS) sporting a Zacks Rank #1 (Strong Buy), and Aldeyra Therapeutics, Inc. (NASDAQ:ALDX) and Zoetis Inc. (NYSE:ZTS) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.

VIVUS’ loss per share estimate narrowed from 50 cents to 39 cents for 2017 over the last 60 days. The company posted positive earnings surprises in each of the four trailing quarters, with an average beat of 233.69%.

Aldeyra’ loss per share estimates narrowed from $1.86 to $1.69 cents for 2017 over the last 60 days. The company posted positive earnings surprises in three of the four trailing quarters, with an average beat of 21.91%.

Zoetis’ earnings per share estimates increased from $2.32 to $2.34 for 2017 over the last 60 days. The company posted positive earnings surprises in all of the four trailing quarters, with an average beat of 9.82%.

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Astrazeneca PLC (AZN): Free Stock Analysis Report

VIVUS, Inc. (VVUS): Free Stock Analysis Report

Zoetis Inc. (ZTS): Free Stock Analysis Report

Aldeyra Therapeutics, Inc. (ALDX): Free Stock Analysis Report

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