October 30, 2018 / 7:21 AM / 17 days ago

AstraZeneca sells some rights to Nexium, Vimovo to Grunenthal

LONDON, Oct 30 (Reuters) - AstraZeneca said it would sell the European rights to acid-reflux medicine Nexium to Grunenthal for an upfront $700 million and future sales-related payments of up to $90 million as it is not in the company’s targeted therapy areas.

The British company said Grunenthal, a privately owned German company, would also buy the worldwide rights, excluding the United Sates and Japan, to pain-relief drug Vimovo for $115 million plus potential additional payments of up to $17 million.

Reporting by Paul Sandle; editing by Kate Holton

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