AstraZeneca agrees to sell three respiratory drugs to focus on new medicines

Pharmaceutical giant AstraZeneca has agreed to sell three of its respiratory drugs in a $370m (£283m) deal in a bid to develop new medicines.

The global drugmaker said it would sell asthma drug Alvesco and rhinitis drugs Omnaris and Zetonna to Swiss pharmaceutical company Covis Pharma, who will pay $350m up front plus sales-related payments of $21m over four years.

Alvesco and Omnaris were only bought by AstraZeneca in December 2015 following the Anglo-Swedish firm's acquisition of Takeda's respiratory portfolio.

Covis Pharma already commercialises drugs in the US but the agreement, announced today, covers markets outside the US and would make it the owner of all three drugs.

AstraZeneca said divestment of non-core drugs to focus on new medicines was part of its strategy and that there would be no change to financial guidance for the year as a result of the sale.

It added that the transaction did not include any company employees or facilities changing hands.

“One of our strategic objectives is to divest parts of our portfolio, allowing us to allocate resources to develop innovative medicines to address unmet patient needs,” AstraZeneca executive vice president Mark Mallon said.

“Covis Pharma has strong capabilities in marketing medicines around the world and our agreements with them means patients will continue to benefit from Alvesco, Omnaris and Zetonna,” he added.

Covis Pharma chief executive Michael Porter said it was an “exciting milestone” for the company as it looked to build a global respiratory and allergy franchise.

Shares in AstraZeneca dropped 1.8 per cent in afternoon trading.