Ashurst, Fangda, and Greenberg Traurig Maher have scored key advisory roles in pharamaceutical giant AstraZeneca’s sale of two heart drugs to China Medical System (CMS) for $500 million.
CMS will pay the AstraZeneca $310 million for the rights to sell its Plendil blood pressure medicine in China and $190 million for its Imdur angina treatment in all regions except the U.S.
Ashurst represented CMS in the transaction, led by Hong Kong-based partners Lina Lee and Joshua Cole as well as London-based partner Neil Cuninghame.
AstraZeneca tapped Greenberg Traurig Maher’s London office for the Imdur transaction and Fangda Partners for the Plendil sale.
AstraZenaca CEO Pascal Soriot is relying heavily on so-called externalisation deals to raise cash and cushion profits as patents on older blockbuster drugs expire and new medicines require high investments. The deals are not expected to impact AstraZenaca’s financial guidance for 2016, according to the company.
