AstraZeneca Plc (STO:AZN)(LON:AZN) announced on Monday that it has agreed to sell the global commercial rights to Inderal (propranolol), Tenormin (atenolol), Tenoretic (atenolol, chlorthalidone fixed-dose combination), Zestril (lisinopril) and Zestoretic (lisinopril, hydrochlorothiazide fixed-dose combination) to Atnahs Pharma (Atnahs).

This agreement excludes the rights in the US and India, which were previously divested, and in Japan, which will be retained by AstraZeneca.

Reportedly, these medicines, used primarily to treat hypertension, have lost their patent protection globally.

Atnahs will make an upfront payment of USD350m to AstraZeneca, which may also receive future sales-contingent payments of up to USD40m between 2020 and 2022. Income arising from the upfront and future payments will be reported in AstraZeneca's financial statements within Other Operating Income & Expense.

In 2018, Inderal, Tenormin, Tenoretic, Zestril and Zestoretic generated annual sales of USD132m in the markets covered by this agreement.

According to the company, this transaction supports its strategy to realise value from its portfolio of non-core mature brands, enabling further investment in new medicines.

AstraZeneca added that it will continue to manufacture and supply Inderal, Tenormin, Tenoretic, Zestril and Zestoretic to Atnahs during a transition period.

This divestment is expected to complete in the first quarter of 2020, subject to customary closing conditions and regulatory clearances.

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 and Respiratory.