FTSE 100 pharma giant AstraZeneca has sold the commercial rights to its Seloken heart medicines in Europe for $300m (£231m) to Italian drugmaker Recordati.
It will continue to commercialise the medicines outside of Europe where it continues to hold the rights.
Recordati will pay AstraZeneca $300m up front for the rights to Seloken and associated treatments, used to treat the likes of angina and hypertension, as well as heart failure. The deal is expected to be completed in the second quarter of 2017, subject to regulatory clearances.
AstraZeneca will also continue to receive sales-related royalties, initially at "a double-digit percentage of sales", and manufacture and supply the medicines for Recordati under a new supply agreement.
Mark Mallon, executive vice president, global product and portfolio strategy at AstraZeneca, said:
This agreement allows us to concentrate our resources on bringing multiple new medicines to patients. Recordati's expertise in cardiovascular disease and established European salesforce will help to expand the commercial potential of the Seloken brands, which are mature medicines for the new AstraZeneca.
European sales of the drug were worth $110m last year.
Earlier this month, AstraZeneca faced a shareholder headache after a rebellion over the firm's executive pay packets. Nearly 30 per cent of voting shareholders opposed the remuneration report at its annual general meeting last month.
Pascal Soriot, AstraZeneca's chief executive, received £13.4m in total during 2016.
Read more: AstraZeneca shareholders rebel against high pay packets