Banner

- - -

JOBS

EXECUTIVE JOBS

INVEST IN STOCKHOLM NEWSLETTER

SWEDISH WIRE NEWSLETTER

EMBASSIES/
CONSULATES
IN SWEDEN

RSS FEEDS

STOCKS

FLIGHTS, HOTELS AND HOLIDAYS

- - -
Investment opportunities

Tips from an insider: Five innovative tech startups

Tips from an insider: Stockholm tech start-ups

5 hot life science firms in Stockholm

Stockholm's top five infrastructure projects

Four Stockholm-based ICT firms to watch

Stockholm pioneers life science research

ICT startups offer investment opportunity

Swedish companies ready for exit

Five med-tech investment opportunities

Six cleantech investment opportunities

- - -
Rankings and surveys

Sweden tops English-language skills ranking

Sweden ranked world's best country to grow old

Swedish passport world's best for travellers

Sweden second best country for mothers

Stockholm climbs in competitiveness rankings

Sweden among best countries to be born

Fortune: 'Stockholm top place for startups'

Sweden tops first global Web Index

Sweden world's second most innovative country

Stockholm world's 6th 'best city'

'Cool Stockholm' most competitive Nordic capital

Sweden has (second) best reputation in the world

Sweden among top in Internet download speed

Sweden scores highest in 'Rule of law index'

Stockholm world's No1 in intellectual capital

Sweden the world's most ICT-competitive country

Sweden great place for moms – but Norway better

Swedes place 4th in English skills ranking

Sweden among top ICT countries

Sweden’s 10 greenest brands

‘Sweden needs to sell itself more’

Sweden overtakes the US in competitiveness

Sweden 10th ‘most admired country globally’

Sweden climbs in 'doing business' ranking

Sweden among world's least corrupt nations

Sweden's mortality rates world's second lowest

Sweden a good place to die – but Britain is best

Children in Sweden have best lives

Sweden the most competitive EU nation

Safe to do business with Swedes

How Sweden became an innovation frontrunner

Nordic countries world's most food-secure

Sweden the world’s best country – politically

Swedish firms among world's top brands

Swedish brands climb in global ranking

Sweden tops government ranking - while US lags 

'Swedish model' outranks 'American dream'  

Sweden among world's least corrupt nations

AstraZeneca: ASTRAZENECA AND MERCK AGREE TO AMEND SECOND OPTION

Press release published at The Swedish Wire


AstraZeneca today announced that AstraZeneca and Merck have agreed to amend certain provisions of the agreements relating to the companies' arrangements in the United States.

AstraZeneca believes that the amendments provide a greater degree of certainty to the valuation of the Second Option that is preferable to the previous arrangements and, barring unforeseen circumstances, the company now intends to exercise the Second Option in 2014.

The principal areas covered by the amendments are a change in the timing for AstraZeneca to exercise the Second Option, and agreement on the valuation methodology for setting certain aspects of the option exercise price.

Under the amended agreement, the companies have agreed that Merck will grant to AstraZeneca a new Second Option exercisable by AstraZeneca between 1 March 2014 and 30 April 2014, with closing on 30 June 2014. The options exercisable in 2017 or if combined annual sales fall below the minimum amount also remain available to AstraZeneca.

In addition to this revised timing for the Second Option, the companies have also reached agreement on the valuation methodology for setting certain components of the option exercise price for a 2014 exercise. In lieu of third-party appraisals, this valuation for a 2014 exercise is now a fixed sum of $327 million, based on a shared view by the companies of the forecasts for sales of Nexium and Prilosec in the US market. The agreed amount payable on 30 June 2014 is subject to a true-up in 2018 that replaces a shared forecast with actual sales for the period from closing in 2014 to June 2018.

In addition, the exercise price of the Second Option also includes a multiple of ten times of Merck's average 1% annual profit allocation in the Partnership for the three years prior to exercise. AstraZeneca currently expects this amount to be around $80 million.

The component of the exercise price of the Second Option that includes the net present value of up to 5% of future US sales of Vimovo, with the precise amount dependent on an annual sales threshold that has not yet been achieved and the timing of the option exercise, will continue.

Under the amendments, if AstraZeneca exercises in 2014, Merck's existing rights to manufacture Nexium and Prilosec would cease upon closing.

This amended Second Option arrangement has no impact on AstraZeneca's Core financial guidance for 2012, which will, in accordance with normal practice, be reviewed in conjunction with the announcement of the Second Quarter and Half Year Results on 26 July 2012.

Further information on the AstraZeneca arrangements with Merck, including the history, and details of the previous termination arrangements completed in March 2008 and in April 2010, can be found in the AstraZeneca 2011 Annual Report and Form 20-F Information for 2011, pages 181-183.

About AstraZeneca
AstraZeneca is a global, innovation-driven biopharmaceutical business with a primary focus on the discovery, development and commercialisation of prescription medicines for gastrointestinal, cardiovascular, neuroscience, respiratory and inflammation, oncology and infectious disease. AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide. For more information please visit: www.astrazeneca.com

CONTACTS

Media Enquiries
Petra Eurenius, Corporate Communications AZ Nordic, mob: +46 709 186562
Karl Hård, Investor Relations, tel: +44 207 604 8123, mob: +44 7789 654 364



This information was distributed by Cision
 

Latest Jobs for English speakers in Sweden

Banner

Jobs for English speakers in Sweden

Banner
Ligatus RIGHT
Banner
AdP right SKY
Most Read Searched  
Banner
Banner
Banner