AstraZeneca Plc (LSE:AZ), a global, science-led biopharmaceutical company, announced on Monday the completion of an agreement with Cheplapharm Arzneimittel GmbH (Cheplapharm) for the commercial rights to Atacand (candesartan cilexetil) and Atacand Plus (fixed-dose combination of candesartan cilexetil and hydrochlorothiazide) for 28 countries in Europe.

Pursuant to the terms of this agreement, AstraZeneca has received a payment of USD200m from Cheplapharm. Also a time-bound payment of USD10m, as well as sales -contingent milestones will be payable.

AstraZeneca also stated that the current value of the upfront and time-bound payments will be reported as Other Operating Income in its financial statements in the third quarter of 2018.

The company added that it will continue to manufacture and supply Atacand and Atacand Plus under a supply agreement and will continue to commercialise the medicines in all markets where it still holds the rights.

AstraZeneca is focused on the discovery, development and commercialisation of prescription medicines, primarily for the treatment of diseases in the three therapy areas of Oncology, Cardiovascular, Renal & Metabolism and Respiratory.