“This is as a result of a global agreement by AstraZeneca PLC to sell the development and commercialisation rights to Pfizer Inc, of its late-stage small molecule antibiotics business,” the company said.
Separately, its global parent announced that it has entered into an agreement with Pfizer Inc to sell the commercialisation and development rights to its late-stage small molecule antibiotics business in most markets globally outside the US.
Meronem is a carbapenem anti-bacterial used for the treatment of serious infections in hospitalised patients. The drug is currently one of the Indian unit’s principal products and generated 18% of the total turnover of the company in the financial year ended 31 March 2016.
“The current distribution arrangements for Meronem in India will terminate in six months from today, as per notice dated August 24, 2016 received by the Company from AstraZeneca UK Limited,” it added.
The global transaction between AstraZeneca PLC and Pfizer Inc. is expected to close in the fourth quarter of the year 2016, subject to customary closing conditions, it added.