StockMarketWire.com - AstraZeneca said Monday it had completed an agreement to sell the prescription medicine rights to its acid reflux treatment in Europe, and the global rights to its arthritis treatment to Grunenthal for combined total of $815m.

Under the terms of the agreement, AstraZeneca received payments of $700m for its acid reflux treatment Nexium and $115m for its arthritis treatment Vimovo from Grunenthal.

The book value of gross assets to be sold was approximately $99m at 31 December 2017.

AstraZeneca would continue to commercialise Nexium in all markets outside Europe, where the company retains the rights, but would not retain any ownership rights to Vimovo globally.

In the year to 31 December 2017 the aggregate pre-tax profits attributable to Nexium and Vimovo in the relevant territories were $203m.




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