AstraZeneca Plc (LON:AZN), a global, science-led biopharmaceutical company, announced on Tuesday that it has agreed to sell the global commercial rights, excluding China, Japan, the US and Mexico, for Losec (omeprazole) and associated brands to Cheplapharm Arzneimittel GmbH (Cheplapharm).

This divestment includes medicines containing omeprazole marketed by AstraZeneca or its collaborators under the Acimax, Antra, Mepral, Mopral, Omepral and Zoltum medicine names.

Under the terms of the agreement, Cheplapharm will pay AstraZeneca approximately USD243m on completion of the agreement, plus sales-contingent milestones of up to USD33m in 2021 and 2022. Income arising from the upfront payment will be reported in the company's financial statements in 2019 as Other Operating Income.

In 2018, Losec sales in the countries covered by this agreement were USD98m, the majority of which were in Emerging Markets.

According to the company, this agreement forms part of its strategy of reducing the portfolio of mature medicines to enable reinvestment in its main therapy areas, accelerating the number of innovative new medicines for patients with high unmet medical need.

AstraZeneca added that it will continue to manufacture and supply Losec and its associated medicines and commercialise the medicine in markets where it still holds the rights.

This agreement does not change the company's financial guidance for 2019, AstraZeneca clarified. Also, as there were no closing considerations to the transaction, this agreement became effective upon signing.

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 and Metabolism (CVRM) and Respiratory.