AstraZeneca is selling European rights to its metolprolol beta blocker Seloken®/Seloken® ZOK (metoprolol tartrate/metoprolol succinate) and Logimax® fixed-dose combination therapy (metoprolol succinate and felopidine) to Italy’s Recordati for $300 million. AstraZeneca will also receive tiered sales royalties, initially set at a double-digit sales percentage. AstraZeneca will manufacture and supply the drugs to Recordati and will continue to commercialize the drugs in all other markets.
The firm said European sales of the Seloken brands and Logimax totaled $110 million in 2016. “Metoprolol is a widely used drug in all European countries, and the market position achieved by the AstraZeneca brands will enable us to reinforce our product portfolios in a number of our European subsidiaries, in particular in Poland, France, and Germany,” commented Andrea Recordati, vice chairman and CEO. “Recordati has significant experience in the marketing of treatments for cardiovascular disease with an existing portfolio of medicines for hypertension and related conditions as well as an established sales force across European markets. This new significant addition to our portfolio will strengthen our position in the European market and contribute to a further enhancement of our profitability margins.”
“This agreement allows us to concentrate our resources on bringing multiple new medicines to patients,” added Mark Mallon, evp for global product & portfolio strategy at AstraZeneca. Recordati’s expertise in cardiovascular disease and established European sales force will help to expand the commercial potential of the Seloken brands, which are mature medicines for the new AstraZeneca.”
Seloken is used to control of hypertension, angina pectoris, cardiac rhythm disturbances, and/or maintenance therapy after myocardial infarction and functional heart disorders with palpitations. Logimax is indicated for treating hypertension.
Recordati reported consolidated revenues of €341.9 million (approximately $384 million) in the first quarter of 2017, up 13.1% on the equivalent 2016 period, and net income, at 23.0% of sales of €78.5 million (approximately $88 million), up 19.9%. EBITDA, at 34.4% of sales, was €117.7 million ($132 million), up 18.9%. The firm reduced its net debt to €105.6 million ($119 million) from €198.8 million ($224 million) at the end of 2016.
In February, Recordati reported signing an exclusive global licensing deal with the Meyer Children's Hospital in Florence, Italy, for the latter’s Phase II-stage treatment for preterm babies with retinopathy of prematurity. In January 2017, the European Commission approved Recordati's orphan medicinal product Cystadrops® (cysteamine hydrochloride) eye-drop solution for treating corneal cystine crystal deposits in adults and children from 2 years of age with cystinosis.