WILMINGTON, Del. — AstraZeneca announced that it is selling its Astra Tech business to a professional dental products company in a cash transaction valued at about $1.8 billion.
Dentsply will acquire Mölndal, Sweden-based Astra Tech, which focuses on dental and healthcare products, services and support. In 2010, Astra Tech recorded worldwide revenue of $535 million.
AstraZeneca noted that the transaction is anticipated to be completed during the second half of 2011.
“Following a comprehensive strategic review, we believe this transaction represents an excellent outcome for AstraZeneca shareholders," AstraZeneca CEO David Brennan said. "The high degree of interest and the competitive nature of this process is evidence of the value that the employees of Astra Tech have built in the marketplace. I want to thank them for their contribution and believe they are well placed to build upon this successful foundation under Dentsply’s ownership.”