AstraZeneca sells ciclesonide rights
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AstraZeneca will sell the rights to asthma medicine Alvesco and rhinitis medicines Omnaris and Zetonna to Covis Pharma for up to $371m.
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The agreement will cover ex-US markets and US royalties for the medicines, with Covis Pharma currently commercialising Alvesco, Omnaris and Zetonna in the US.
Covis has agreed to pay AstraZeneca an up-front $350m and up to $21m in milestones over four years from 2019.
In combination the drugs delivered total sales of $106m in 2017.
AstraZeneca made no change to its financial guidance for 2018 as a result of the agreement, which represents continuation of ongoing strategy to divest non-core medicines and reinvest the proceeds in the development of new medicines within its core focus areas.