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Pfizer acquires AstraZeneca's antibiotics business

Pfizer Inc. acquired AstraZeneca PLC's late-stage antibiotics business for an upfront payment of $550 million.

AstraZeneca will receive another $175 million in January 2019 and is eligible for $250 million in commercial, manufacturing and regulatory milestones.

Pfizer will also pay up to $600 million in sales-related payments as well as recurring, double-digit royalties on sales of Zavicefta and ATM-AVI in certain markets.