Aspen Global Incorporated (AGI) has entered an agreement to acquire all the remaining rights to AstraZeneca’s established anaesthetic treatments for an upfront consideration of $555m.

The original deal was signed between the companies in June last year, under which AGI received the exclusive commercialisation rights to the therapies in markets outside the US.

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Under the deal, the company will purchase the remaining rights to the intellectual property and manufacturing knowledge related to the anaesthetic drugs, which comprise Diprivan, EMLA, Xylocaine / Xylocard / Xyloproct, Marcaine, Naropin, Carbocaine and Citanest.

AstraZeneca will receive up to $211m from AGI in performance-related milestones based on sales and gross margin between 1 September 2017 and 30 November 2019.

In addition, AstraZeneca will continue to produce the anaesthetic treatments and supply them to AGI during a transition period of up to five years.

"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."

AstraZeneca global product and portfolio strategy executive vice-president Mark Mallon said: “AstraZeneca, AGI and patients have all benefitted from the successful commercial agreement we established last year.

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“As our relationship has evolved, AGI has shown that it is in a strong position to maximise the value and reach of the anaesthetic 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.”

As part of the new agreement, AGI will no longer pay royalties to AstraZeneca and the remaining $100m product sales-related payment from the 2016 agreement will be made to AstraZeneca next year, if the contingent terms are met.

Subject to customary closing conditions and regulatory clearances, the new deal is expected to conclude in the fourth quarter of this year.