AstraZeneca completes divestment of Entocort to Tillotts Pharma

AstraZeneca has completed its agreement with Tillotts Pharma for the divestment of global rights to its Entocort brand outside the US.

The deal saw Tillotts pay AstraZeneca $215 million (138.33 million pounds) for the rights to sell and develop Entocort capsules and enema formulations internationally. The transaction does not include the transfer of any AstraZeneca employees or facilities.

A gastroenterology medicine for patients with mild to moderate Crohn's disease and ulcerative colitis, Entocort will continue to be distributed by AstraZeneca in the US as part of an ongoing partnership with Par Pharmaceutical.

This reinforces AstraZeneca's strategic focus in its three main therapy areas, and the transaction is not expected to impact the company's financial guidance for 2015.

Luke Miels, executive vice-president for global product and portfolio strategy and corporate affairs at AstraZeneca, said: "Our agreement with Tillotts reinforces our strategic focus on selected therapy areas and puts this important medicine in the hands of a company with specialist expertise in gastroenterology, which will benefit patients."