July 24, 2018 / 6:47 AM / a year ago

AstraZeneca sells rights to heart drug Atacand for $210 mln

LONDON, July 24 (Reuters) - AstraZeneca is selling the European commercial rights to its ageing Atacand high blood pressure and heart failure treatment to Cheplapharm Arzneimittel for $210 million, in the drugmaker’s latest divestment of older medicines.

AstraZeneca will receive $200 million on completion of the deal, plus a time-bound payment of $10 million and sales-contingent milestones, it said on Tuesday.

The proceeds - which will help fund investment in the company’s new wave of medicines - will be reported as “other operating income” and the deal does not impact financial guidance for 2018, it added.

AstraZeneca will still market Atacand and Atacand Plus in non-European markets where it continues to hold rights. The drugs had global sales of $300 million last year, including $86 million in Europe.

Reporting by Ben Hirschler; Editing by Kirsten Donovan

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