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AstraZeneca (AZN.L), under pressure from falling sales of older drugs, is selling a medicine for a rare type of cancer to Sanofi (SASY.PA) as it continues a drive to raise cash by divesting certain assets.
Sanofi's rare diseases division Genzyme will pay AstraZeneca up to $300 million for global rights to Caprelsa, including an upfront payment of $165 million and milestone payments based on the drug's performance of up to $135 million, the companies said on Monday.
Caprelsa is sold in 28 countries for treating medullary thyroid carcinoma and had sales last year of $48 million.
AstraZeneca, which said the transaction was expected to complete in the second half of 2015 and would not impact its financial forecasts for the year, said Caprelsa was better suited for a rare disease specialist such as Genzyme.
Earlier this month the British drugmaker struck another "externalisation" deal to help fill its short-term revenue gap by divesting a gastrointestinal drug for $215 million.
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