Divestment of rights to Covis completed

RNS Number : 5771J

AstraZeneca PLC

06 December 2018

 

6 December 2018 07:00 GMT

Divestment of rights to Alvesco, Omnaris 

and Zetonna to Covis Pharma completed

AstraZeneca has completed an agreement with Covis Pharma B.V. (Covis Pharma) to sell its rights to the medicines Alvesco (ciclesonide), used for the treatment of persistent asthma, and Omnaris and Zetonna (ciclesonide), used for the treatment of nasal symptoms associated with rhinitis. The rights cover markets outside the US and the US royalties for the medicines. The transaction does not include the transfer of any AstraZeneca employees or facilities.

Under the terms of the agreement, AstraZeneca has received a payment of $350m from Covis Pharma. As AstraZeneca will not maintain a significant ongoing interest in the medicines, the upfront payment, net of a significant, non-cash derecognition of an intangible asset will be reported as Other Operating Income & Expense in the Company's financial statements in the fourth quarter of 2018. The agreement does not affect the Company's financial guidance for 2018.

About Covis Pharma

Covis Pharma is headquartered in Zug, Switzerland and is a global speciality pharmaceutical company that markets therapeutic solutions for patients with life-threatening conditions and chronic illnesses. Additional information is available at www.covispharma.com. 

About AstraZeneca

AstraZeneca is a global, science-led biopharmaceutical company that focuses on the discovery, development and commercialisation of prescription medicines, primarily for the treatment of diseases in three therapy areas - Oncology, Cardiovascular, Renal & Metabolism and Respiratory. AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide. For more information, please visit astrazeneca.com and follow us on Twitter @AstraZeneca.

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