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AstraZeneca To Sell Rights To Seroquel, Seroquel XR In The US, Canada

AstraZeneca (AZN.L) has agreed to sell the commercial rights to Seroquel and Seroquel XR, used to treat schizophrenia and bipolar disorder, in the US and Canada to Cheplapharm Arzneimittel GmbH. Cheplapharm will make an upfront payment of $35 million to AstraZeneca and may also make future sales-contingent payments of up to $6 million.

Ruud Dobber, Executive Vice President, BioPharmaceuticals Business Unit, said: "This divestment supports our strategy of reducing the number of mature medicines to enable reinvestment in our main therapy areas. Cheplapharm recently agreed to acquire the commercial rights to Seroquel and Seroquel XR in most European markets and Russia from AstraZeneca."

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