Pfizer Strikes Deal With AstraZeneca for Rights to Antibiotics Businesses
The pharmaceutical giant says it has inked a deal for the development rights of some growing antibiotics businesses.
Pharmaceutical giant Pfizer (PFE) - Get Report announced Wednesday that it has struck a deal to purchase development and commercialization rights to some of London-based peer AstraZeneca's antibiotics businesses Pfizer agreed to pay about $550 million when the deal closes, as well as a deferred $175 million payment in January 2019. The transaction also includes royalties and about $250 million in so-called milestone payments. The deal will likely provide Pfizer with near-term revenue growth opportunities. Pfizer shares are up roughly nine percent so far in 2016.
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