United Kingdom-based AstraZeneca has completed sale of its rights to asthma drug Alvesco (ciclesonide) and nasal sprays Omnaris and Zetonna (ciclesonide) to Switzerland-based Covis Pharma, it was reported yesterday.
The deal is valued at USD350m. Under the terms of the deal, Covis will also make conditional sales-related payments for the three drugs of up to USD21m to AstraZeneca over four years starting from 2019.
The divested rights by AstraZeneca to Covis Pharma includes markets outside the US and the US royalties for the three over-the-counter drugs. Omnaris is an inhaled anti-inflammatory maintenance therapy that is administered through a metered-dose inhaler to help control persistent asthma. The other two products were developed for the treatment of nasal symptoms resulting from seasonal allergic and allergic/non-allergic perennial rhinitis.
The deal was first announced in November this year and does not include the transfer of any AstraZeneca employees or facilities to Covis.
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