The transaction will give Pfizer rights to three medicines already on the market, including Zavicefta, which is used to treat severe bacterial infections resistant to other drugs. Photo: BloombergHong Kong/London: 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 on Wednesday. The transaction will give Pfizer rights to three medicines already on the market, including Zavicefta, which was approved by the European Commission in June. AstraZeneca’s portfolio will add to more than 60 anti-infective and anti-fungal medicines that Pfizer sells, said John Young, group president at Pfizer Essential Health, in the statement.

Source: Mint August 24, 2016 10:41 UTC