- AstraZeneca said Tuesday it had entered into an agreement with Covis Pharma to sell its rights to medicines used to treat asthma and nasal symptoms associated with rhinitis for at least $350m.

AstraZeneca sold rights for its asthma treatment lvesco, and for its nasal rhinitis treatment Omnaris and Zetonna, covering markets outside the US and the US royalties for the medicines.

Under terms of the deal, Covis Pharma would pay AstraZeneca $350m on closing, and conditional sales-related payments of up to $21m over four years from 2019. The agreement, subject to customary closing conditions, was expected to completed by the end of 2018.

Combined 2017 product sales of Alvesco, Omnaris and Zetonna, recorded by AstraZeneca, were $106m. The agreement would not affect the company's financial guidance for 2018, AstraZeneca said.

'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, Global Product and Portfolio Strategy.

At 8:16am: [LON:AZN] AstraZeneca PLC share price was -38p at 5839p

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