AstraZeneca sells Seroquel rights to Luye Pharma for $538 mn

It is used for the treatment of schizophrenia and bipolar disease

UK-based pharma company AstraZeneca has sold the rights for Seroquel, a treatment for schizophrenia and bipolar disease, to Luye Pharma Group for $538 million.

AstraZeneca has sold the rights for the treatments, named Seroquel and Seroquel XR, in the UK, China and other international markets, in a deal which will give it $260 million.

Mark Mallon, Executive VP, AstraZeneca said, “The agreement with Luye Pharma is in line with AstraZeneca’s strategy to focus on three main therapy areas while maximising the value from our legacy medicines like Seroquel.”