Pfizer in $725m drugs deal

Pfizer has agreed to buy an antibiotics business from AstraZeneca for $725m (€640m) as well as other payouts, settling for one piece of a company it once tried to acquire.

Pfizer will pay $550m to AstraZeneca when the transaction closes, and make another payment of $175m in January 2019.

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.