AstraZeneca PLC (LON:AZN) said it has completed the sale of commercial rights for its Atacand and Atacand Plus heart drugs for US$400mln.
Atacand is a prescription medicine approved for the treatment of heart failure and hypertension, while Atacand Plus is only for hypertension.
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The buyer is German pharma company Cheplapharm, which paid US$250mln on completion of the deal and will pay the balance in the first half of 2021.
In 2019, the two drugs generated sales of US$148mln and profit before tax of US$89mln in the over 70 countries covered by the agreement.
AstraZeneca will continue to manufacture and supply Atacand and AtacandPlus and will continue to commercialise them during a three-year transition period.
The FTSE 100 firm said the divestment will be recognised as other operating income in its fourth-quarter results.