UK-based biopharmaceutical company AstraZeneca is selling three older drugs for asthma and rhinitis for at least $350 million as it continues a strategy of divesting assets and investing in its pipeline of new medicines.
Swiss speciality pharmaceutical company Covis Pharma will pay AstraZeneca $350 million for rights to Alvesco, Omnaris and Zetonna, plus conditional sales-related payments of up to $21 million over four years from 2019.
AstraZeneca said the deal was expected to close by the end of 2018 and the payments would be booked as other operating income, which will not affect financial guidance for the year.
In 2017, the three drugs had combined sales of $106 million.