6th Nov 2018 08:14
LONDON (Alliance News) - Pharmaceutical firm AstraZeneca PLC said on Tuesday it has agreed to sell its rights to the medicines Alvesco, Omnaris and Zetonna to Switzerland-based Covis Pharma BV for USD350 million.
Alvesco is used through an inhaler to control persistent asthma, while Omnaris and Zetonna are nasal sprays used to treatment symptoms associated with allergic and non-allergic perennial rhinitis.
Covis Pharma currently commercialises the three medicines in the US and will own the rights outright once the deal is closed, expected to take place at the end of 2018. The sale does not include the transfer of any employees or facilities.
On top of the USD350 million, Covis will also make conditional sales-related payments of up to USD21 million over a period of four years from 2019.
"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 needs. Covis Pharma has strong capabilities in marketing medicines around the world, and our agreement with them means patients will continue to benefit from Alvesco, Omnaris and Zetonna," said Mark Mallon, executive vice president of AstraZeneca's Global Product and Portfolio Strategy.
Shares in AstraZeneca were down 0.7% at 5,839.00 pence on Tuesday.
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