AstraZeneca has completed the sale of the assets of its subsidiary, Aptium Oncology.
The latter, which the Anglo-Swedish drugmaker notes has been a non-core business, provides outpatient oncology management and consulting services in the USA. It manages outpatient cancer centres in affiliation with five hospitals in California, Florida, New Jersey and New York.
In November 2010, AstraZeneca revealed it was looking to divest the dental and medical devices unit Astra Tech and Aptium. The former was sold to US group Dentsply for around $1.8 billion in cash and observers believed that Aptium, which is headquartered in Los Angeles, could be worth in the region of $500 million.
AstraZeneca says it has now decided to transfer ownership of these cancer centres to each of the hospitals after discussions that have been held over the last several months. No financial details have been disclosed but Aptium generated revenues of $224 million in 2011, and $43 million in 2012, up until completion of the disposals.