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AZ Cashes In On No-Longer Core Nexium

 
• By Kevin Grogan

AstraZeneca has agreed to sell certain rights to Nexium and Vimovo to Grunenthal, banking $815m upfront to boost the balance sheet and help fund development in its three main therapy areas.

Bye
AZ bids fond farewell to Nexium in Europe • Source: Shutterstock

AstraZeneca PLC is continuing to clear out non-core assets and by selling to Grunenthal GMBH the European rights to its proton pump inhibitor Nexium (esomeprazole), which reduces stomach acid, it is starting to say goodbye to one of its most iconic brands and former growth drivers.

The privately owned German group is paying $700m up front to bag the European prescription medicine rights to Nexium, plus future sales-related payments of up to $90m

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