AstraZeneca has agreed to sell the remaining rights to its anesthetic drugs portfolio to Aspen Global Incorporated (AGI) in a deal worth up to $766 million. The portfolio comprises Diprivan, EMLA, Xylocaine/Xylocard/Xyloproct, Marcaine, Naropin, Carbocaine and Citanest.

In a previous deal concluded in June 2016, AstraZeneca agreed to sell the rights to its global anesthetics portfolio outside the US to AGI for a total consideration of up to $770 million.

Mark Mallon, executive vice president, global product and portfolio strategy, commented: “AstraZeneca, Aspen and patients have all benefited from the successful commercial agreement we established last year. As our relationship has evolved, Aspen has shown that it is in a strong position to maximize the value and reach of the anesthetic medicines through its extensive commercial network. Disposing the remaining rights to the medicines allows both companies to benefit from greater efficiencies as AstraZeneca continues to focus our resources on our three main therapy areas.”

Under the terms of the new agreement, AGI will now acquire the remaining rights to the anesthetics’ intellectual property and manufacturing knowhow for an upfront sum of $555 million. In addition, AGI will pay AstraZeneca up to $211 million in performance-related milestones based on sales and gross margin during the period Sep. 1, 2017 to Nov. 30, 2019. AstraZeneca will continue to manufacture and supply the medicines to AGI during a transition period of up to five years.

Stephen Saad, AGI’s CEO, said: “This second transaction allows us to reap the additional benefits from the excellent strategic acquisition that the anesthetics portfolio has proven to be for Aspen and a key part of this will be to continue leveraging the strong working relationship that we have developed with AstraZeneca.”

This second agreement is expected to close in the fourth quarter of 2017, subject to the usual conditions and regulatory approvals.