Astellas Pharma (TSE: 4503) has announced it will sell 16 of its ‘long-listed’ products to LTL Pharma, another Japanese firm, for 20.1 billion yen ($181 million).
For the financial year ending March 31, 2016, the combined gross sales of the products was 29 billion yen.
The company described the move as a strategic initiative, aimed at achieving “sustainable growth by reallocating internal resources to activities that drive our competitive advantage.”
LTL Pharma is a wholly-owned subsidiary of Japan Established Medicines Corporation, which specializes in long-listed products.
The closing of the agreement is scheduled on April 28, 2017. Transfer of the products will be completed by April 2020.
Astellas says the deal will have no impact on financial results of the current fiscal year, ending March 31, 2017.