- Circassia Pharmaceuticals said it would terminate the development and commercialisation agreement with AstraZeneca for the US commercial rights to Tudorza and Duaklir as the company looked to pivot away from pharmaceutical products.

The payment for the transaction would be set-off against the current loan amount outstanding from the company to AstraZeneca - approximately US$149.9m.

AstraZeneca would retain its 18.9% stake in Circassia Pharmaceuticals.

Following completion of the transaction, expected in no longer than three months, Circassia would be focussed on its NIOX asthma diagnostics and management business and would no longer have any pharmaceutical products, the company said.

'Circassia proposes to change its name to Circassia Group plc to better reflect the focus of its activities and is seeking shareholder approval 3 to effect this change of name at the general meeting,' it added.

At 9:41am: [LON:CIR] Circassia Pharmaceuticals Plc share price was +4.73p at 22.23p

Story provided by