AstraZeneca moves quickly to shed another noncore drug in ProStrakan deal

U.K. multinational AstraZeneca ($AZN) announced a second deal in Asia in as many days to sell a non-core drug, fetching $70 million from a unit of Tokyo-based Kyowa Hakko Kirin. The latest deal sees ProStrakan, based in Galashiels, Scotland, buy European rights to Moventig, a drug that treats opioid-induced constipation, AstraZeneca said in a press release. ProStrakan will also pay AstraZeneca unspecified tiered double-digit royalties and potential milestones. On Monday, the company announced a deal with third-party distributor China Medical Systems Holding for rights to two cardio drugs that garnered $500 million. The effort by AstraZeneca to shed noncore drugs is aimed at building cash pile for pipeline products that hold blockbuster promise. Release

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