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AstraZeneca sells rights to migraine drug for $200M

AstraZeneca PLC sold the rights to Zomig outside Japan to Germany-based pharmaceutical company Grünenthal GmbH.

Zomig is indicated for the acute treatment of migraines and cluster headaches, an area of medicine outside AstraZeneca's strategic focus.

AstraZeneca is set to receive $200 million upon closing and an additional $102 million in future milestone payments related to the drug.

Grünenthal will secure the rights to Zomig in all markets outside Japan, including the U.S., where the rights were previously licensed to Impax Laboratories Inc.

Impax will continue marketing the drug in the U.S., while AstraZeneca will manufacture and supply Zomig to Grünenthal during a transition period.

The deal is expected to close in the second quarter of 2017, subject to customary closing conditions, and the net proceeds will be reported as operating income for AstraZeneca.

For 2016, Zomig generated $96 million in revenue for markets outside Japan.