StockMarketWire.com - Pharmaceuticals giant AstraZeneca said it had agreed to sell global rights to a constipation drug excluding Europe, Canada and Israel to RedHill Biopharma for an upfront payment of $52.5m.

AstraZeneca would also receive a further non-contingent payment of $15m in 2021.

The divestment was expected to be completed in the first quarter of 2020, and would not impact the company's financial guidance for 2020.

Movantik, a once-daily drug, was approved by the US Food and Drug Administration for the treatment of constipation in adult patients with chronic non-cancer pain.

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