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AstraZeneca sells off three drugs in deal worth $350 million

Published on 06/11/18 at 10:26am

Anglo-Swedish multinational AstraZeneca has agreed to sell the rights to three asthma and rhinitis drugs in a deal worth $350 million (£268 million).

The deal will see Swiss-headquartered and Luxembourg-listed firm Covis Pharma obtain rights to markets outside of the US as well as US royalties for all three medicines.

The sell-off has seen the company pursue a strategy of divestment and reinvestment as it develops new pipelines.

The Luxembourg-listed pharma firm Covis Pharma is set to pay AstraZeneca $350 million in return for the rights to Alvesco, Omnaris and Zetonna. The deal will also see Covis pay up to $21 million in conditional, sales-related payments over four years, starting in 2019. The three drugs brought in a total of $106 million in 2017.

The deal is expected to close by the end of this year. The transaction will not include the transfer of any AstraZeneca employees or facilities.

Mark Mallon, Executive Vice President, Global Product and Portfolio Strategy, commented: “One of our strategic objectives is to divest parts of our portfolio, allowing us to allocate resources to develop innovative new medicines to address unmet patient need.”

Louis Goss

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