LONDON AstraZeneca continued its program of divesting old medicines on Wednesday with the sale for up to $302 million of migraine drug Zomig to Germany’s Grunenthal.
The British firm, which is betting on new drugs for cancer and other diseases to revive its fortunes, has sold or licensed out a raft of aging products recently. Some analysts have criticized the trend for unduly propping up its earnings.
Grunenthal will acquire global rights to Zomig in all markets outside Japan, paying AstraZeneca $200 million upon completion of the deal. AstraZeneca will also receive up to $102 million in future milestone payments.
In 2016, AstraZeneca’s revenue from Zomig outside Japan was $96 million.
The two companies added that Impax Pharmaceuticals, which had previously licensed rights to the drug in the United States, would …