AstraZeneca sells former blockbuster cholesterol drug for $320 million
(Reuters) – AstraZeneca said on Tuesday it would sell rights to its erstwhile blockbuster cholesterol drug, Crestor, to German pharmaceutical company Grünenthal GmbH for an upfront payment of $320 million as the British drugmaker focuses on its cancer treatments portfolio.
Crestor, which brought in revenue of over $5 billion for AstraZeneca in 2015, was among its best-selling medicines and used to contribute to around 20% of the company’s total revenue.
Crestor was hit by the arrival of cheap generic rivals in 2016 and newer medicines such as Tagrisso and Imfinzi for cancer and Fasenra for severe asthma were touted by AstraZeneca as medicines that would take over.
AstraZeneca, which is among the front-runners in the race to develop a vaccine for the novel coronavirus, has been trying to focus on its cancer drugs as it streamlines its business.