AstraZeneca Closes Sale Of Alvesco, Omnaris And Zetonna Rights To Covis Pharma
British drug major AstraZeneca (AZN.L,AZN) announced Thursday that it has completed an agreement with Switzerland -based Covis Pharma B.V. to sell its rights to the medicines Alvesco (ciclesonide), used for the treatment of persistent asthma, and Omnaris and Zetonna (ciclesonide), used for the treatment of nasal symptoms associated with rhinitis.
The rights cover markets outside the US and the US royalties for the medicines. The transaction does not include the transfer of any AstraZeneca employees or facilities.
Under the deal terms, AstraZeneca has received a payment of $350 million from Covis Pharma.
As AstraZeneca will not maintain a significant ongoing interest in the medicines, the upfront payment, net of a significant, non-cash derecognition of an intangible asset will be reported as Other Operating Income & Expense in the Company's financial statements in the fourth quarter of 2018.
The agreement does not affect the Company's financial guidance for 2018.
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