Wednesday, August 15, 2012
Covington & Burling advised AstraZeneca in its agreement with Pfizer for over-the-counter rights to sell a nonprescription version of Nexium, a medication prescribed to treat the symptoms of gastroesophageal reflux disease.
The agreement gives Pfizer rights to sell a 20mg nonprescription version of AstraZeneca's Nexium worldwide. Under the agreement, Pfizer will make an upfront payment of $250 million to AstraZeneca and AstraZeneca is eligible to receive milestone and royalty payments based on product launches and sales. The retail launch is targeted for 2014, subject to regulatory approval.
The Covington team was led by partner John Hurvitz and included Ed Dixon, Sarah Hoagland, James Wawrzyniak, Grant Young and Chris Hartsfield*.
AstraZeneca is a global, innovation-driven biopharmaceutical business with a primary focus on the discovery, development and commercialization of prescription medicines for gastrointestinal, cardiovascular, neuroscience, respiratory and inflammation, oncology and infectious disease. Pfizer, a multinational pharmaceutical corporation, has a global health care portfolio that includes human and animal biologic and small molecule medicines and vaccines, as well as nutritional products.
*Admitted to practice in Virginia; not yet admitted to practice in D.C.
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