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2017-03-17

AstraZeneca: AstraZeneca and Circassia enter strategic collaboration in respiratory disease

Circassia will lead promotion of Tudorza and prepare for potential
launch of Duaklir in the US

Strategic collaboration further sharpens AstraZeneca's respiratory
focus on Symbicort, Bevespi Aerosphere, benralizumab and other
development programmes

AstraZeneca today announced it has entered a strategic collaboration
with Circassia Pharmaceuticals plc, a respiratory biopharmaceutical
company, for the development and commercialisation of Tudorza and
Duaklir* in the US. Tudorza and Duaklir are inhaled respiratory
medicines for the treatment of chronic obstructive pulmonary disease
(COPD). Tudorza was approved and launched in the US in 2012. Duaklir
is expected to be submitted for US regulatory review in 2018.

Under the terms of the collaboration, Circassia will lead the
promotion of Tudorza in the US and has been granted an option to gain
the full commercial rights in the future. Circassia has also been
granted the rights to Duaklir in the US. AstraZeneca will receive a
minority equity stake in Circassia. AstraZeneca will complete ongoing
development activities and continue to manufacture and supply both
medicines.

This collaboration reinforces AstraZeneca's commitment to maximise
patient access and value across the portfolio in all geographic
regions, in particular as the pipeline is delivering numerous new
medicines and technologies, driven by increased R&D productivity.
Circassia has ambitious plans to strengthen its respiratory presence
in the US, which provides the potential to expand the collaboration
in the future.

Mark Mallon, Executive Vice President, Global Product & Portfolio
Strategy at AstraZeneca, said: "Tudorza and Duaklir are important
components of AstraZeneca's respiratory franchise globally and this
collaboration will support their commercialisation in the US for the
benefit of the millions of COPD patients. It also further sharpens
our focus on Symbicort, Bevespi Aerosphere, benralizumab and other
respiratory development programmes. Circassia will be an important
strategic partner for AstraZeneca in the US and we look forward to
working closely together."

Steve Harris, Chief Executive of Circassia, said: "This proposed
transaction is an ideal fit with Circassia's strategy and respiratory
focus. It represents a transformational opportunity for the company.
As part of the long-term strategic collaboration with AstraZeneca, we
will immediately double our US sales force to promote Tudorza as our
priority, as well as our existing NIOX® products, transforming
Circassia into a world-class respiratory business."

Financial considerations
The agreement is expected to complete in the second quarter of 2017,
subject to approval by shareholders of Circassia and customary
closing conditions.

Under the terms of the agreement, AstraZeneca will receive $50 million
in Ordinary Shares in Circassia, calculated by reference to the lower
of the weighted average share price of Circassia over the period 20
days (i) prior to signing or (ii) prior to closing (subject to a
maximum number of shares). Circassia will also pay $100 million at
the earlier of approval of Duaklir in the US or 30 June 2019. Should
Circassia decide to exercise the option to sub-license the commercial
rights to Tudorza in the US, Circassia will pay up to a further $80
million.

The two companies will share US profits from Tudorza equally.
AstraZeneca will continue to book US Product Sales of Tudorza until
Circassia's potential exercise of the option. Circassia will pay
AstraZeneca tiered percentage royalties on potential future US sales
of Duaklir. In addition, Circassia will contribute up to $62.5
million towards the development activities for the medicines.

As AstraZeneca will retain a significant, ongoing interest in the
medicines, income will be reported as Externalisation Revenue. This
includes an expected $60 million at closing, as well as any potential
future royalties, deferred income and any future payment for the
option to gain the US commercial rights to Tudorza. Any potential
future supply of the medicines to Circassia will be reported as
Product Sales.

The agreement does not impact AstraZeneca's financial guidance for
2017.

- ENDS -

NOTES TO EDITORS

About Tudorza and Duaklir

Tudorza and Duaklir are inhaled respiratory medicines for the
treatment of COPD. Tudorza has been approved and marketed in the
United States since 2012. Duaklir is approved and marketed in the
European Union and a number of additional rest of the world
countries, and is subject to two ongoing clinical trials to support a
planned regulatory submission to the US FDA. Both medicines are
presented as a dry powder for inhalation and are delivered via a
breath-actuated multi-dose dry powder inhaler, Pressair. The Pressair
device is marketed in some countries under the trade name Genuair.

*Duaklir is a registered trademark in certain European countries. The
US trademark is to be confirmed.

About Circassia

Circassia is a specialty pharmaceutical business with established
commercial infrastructure, marketed products and a portfolio of
particle-engineered treatments targeting major market opportunities.
Circassia sells its novel, market-leading NIOX® asthma management
products directly to specialists in the United States, United Kingdom
and Germany. Its products are also promoted in a number of other
countries by the Company's network of partners.

Circassia's broad-based development pipeline includes a range of
respiratory medicines. The Company's lead asthma treatment, Fliveo®,
targets substitution of GSK's Flixotide® pMDI and is approved in the
UK. Circassia is also developing a direct substitute for Seretide®
pMDI, Seriveo®. In addition, the Company's pipeline includes a number
of inhaled medicines for chronic obstructive pulmonary disease,
including single and combination dose products. For more information
on Circassia please visit www.circassia.com.

About AstraZeneca

AstraZeneca is a global, science-led biopharmaceutical company that
focuses on the discovery, development and commercialisation of
prescription medicines, primarily for the treatment of diseases in
three main therapy areas - Oncology, Cardiovascular & Metabolic
Diseases and Respiratory. The Company also is selectively active in
the areas of Autoimmunity, Neuroscience and Infection. AstraZeneca
operates in over 100 countries and its innovative medicines are used
by millions of patients worldwide. For more information, please visit
www.astrazeneca.com and follow us on Twitter @AstraZeneca.

Media Enquiries
Esra Erkal-Paler UK/Global +44 203 749 5638
Vanessa Rhodes UK/Global +44 203 749 5736
Karen Birmingham UK/Global +44 203 749 5634
Rob Skelding UK/Global +44 203 749 5821
Jacob Lund Sweden +46 8 553 260 20
Michele Meixell US +1 302 885 2677

Investor Relations
Thomas Kudsk Larsen +44 203 749 5712
Craig Marks Finance, Fixed Income, M&A +44 7881 615 764
Henry Wheeler Oncology +44 203 749 5797
Mitchell Chan Oncology +1 240 477 3771
Lindsey Trickett Cardiovascular & Metabolic Diseases +1 240 543 7970
Nick Stone Respiratory +44 203 749 5716
Christer Gruvris Autoimmunity, Neuroscience & Infection +44 203 749 5711
US toll free +1 866 381 7277

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