Horizon Pharma Closes Sale of European Marketing Rights

Horizon Pharma said Friday that it has completed the sale of its European subsidiary that owns the European marketing rights to cystine-depleting agent Procysbi and pulmonary drug Quinsair to Italian firm Chiesi Farmaceutici for an upfront payment of $72.2 million, plus potential milestone payments.

The company will maintain marketing rights for both drugs in the U.S., Canada and Latin America; as well as maintain control of the manufacturing supply for the EMEA region through a third party supplier. Shares were 1.5% lower in recent morning trade.

By Caroline Williams