The sale sees Cheplapharm pay $178m (€159m) upfront for the European and Russian commercial rights to the products. In addition, the deal could rise to be worth $239m, dependent on sales of the product.
Combined, Seroquel (quetiapine fumarate) and Seroquel XR generated $108m in product sales in the markets covered by the agreement during 2018.
During a ‘transition period’, AstraZeneca will manufacture and supply both products to Cheplapharm, which are both off-patent in the regions under the agreement.
Ruud Dobber, EVP of biopharmaceuticals at AZ, stated that the decision to sell the products was part of an overall strategy to reduce the company’s portfolio of mature medicines to reinvest in therapy focus areas.
The same reasoning was given earlier this month when AZ divested a portfolio of seven mature brands, also to Cheplapharm.
In total, the eight treatments will change hands for a potential total of $515m.
Both moves follow on from similar divestments last year, which saw the company raise billions through the sales.