World Economy

Pfizer to Buy AstraZeneca

Pfizer to Buy AstraZenecaPfizer to Buy AstraZeneca

Pfizer has agreed to buy an antibiotics business from AstraZeneca for $725m as well as other payouts, settling for one piece of a company it once tried to acquire, Bloomberg reported. Pfizer will pay $550m to AstraZeneca when the transaction closes and make another payment of $175m in January 2019, according to a joint statement issued on Wednesday. In addition, AstraZeneca is eligible to receive as much as $250m in milestone payments, up to $600m in sales-related payments, as well as certain royalties. The US drug maker this week agreed to buy Medivation in a $14 billion deal.