AstraZeneca divests products to GSK

AstraZeneca has received 1,770 million SEK (150 million pounds) after divesting a number of products to GlaxoSmithKline (GSK).

The Competition Authority in Sweden approved the transaction, which will be reflected in the former’s second-quarter fiscal report, listed under “other operating income”.

Miniform for gastrointestinal disorder, decongestion treatment Nezeril/Nasin and Duroferon to help iron deficiency are among some of the products that will be affected under the terms and conditions of the agreement.

Earlier this month, AstraZeneca and Bristol-Myers Squibb began work on a series of phase IIIb and IV studies of the medication Onglyza for patients with type two diabetes.

The decision came after the Food and Drug Administration’s Endocrinologic and Metabolic Drugs Advisory Committee decided the data supporting the treatment application ruled out any cardiovascular risk compared to other remedies.

Around 51 per cent of AstraZeneca’s 65,000 employees work in Europe, with research and development sites in the UK and Sweden.

The pharmaceutical company focuses on developing treatments for a number of conditions, including cancer, infection and cardiovascular problems.