Pfizer To Take Prescription Nexium Over the Counter-and possibly other drugs as well

British pharmaceutical titan AstraZeneca has sold Pfizer,the world's largest pharma company,the over the counter rights to its prescription heartburn treatment Nexium.Pfizer will pay Astra 250 million dollars up front.After that,Astra is eligible for milestone and royalty payments for product launches and sales of Nexium and any other Astra product Pfizer may take over the counter.
Pfizer projects a 2014 date for commercialising Nexium in the US,pending FDA approval,with other markets to follow.Nexium is currently prescribed for gastroesophageal reflex disease,or GERD,a severe form of heartburn that can damage the esophagus.
Tory Zook,Executive Vice President at Astra,said this agreement will help AstraZeneca realise the substantial,long term value of this brand and potentially other brands in our portfolio.Pfizer CEO Ian Read added that Pfizer Consumer Healthcare will have the opportunity to help more consumers better manage their health,while extending the value of certain important pharmaceutical brands.
AstraZeneca and Pfizer have also signed an agreement giving Pfizer right of first refusal for OTC rights to Rhinocort Aqua,a pump spray which is now prescribed for hayfever and house dust mite allergy,or non-infectious rhinitis.
AstraZeneca(AZN),Pfizer(PFE)