Deals
Pfizer to Buy Antibiotics From AstraZeneca for $725 Million
- U.K. drugmaker to get up to $850 million if certain goals met
- Deal gives Pfizer Zavicefta for drug-resistant infections
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Pfizer Inc. agreed to buy an antibiotics business from AstraZeneca Plc for $725 million as well as other payouts, settling for one piece of a company it once tried to acquire.
Pfizer will pay $550 million to AstraZeneca when the transaction closes and make another payment of $175 million in January 2019, according to a statement Wednesday. In addition, AstraZeneca is eligible to receive as much as $250 million in milestone payments, up to $600 million in sales-related payments, as well as certain royalties.