May 8, 2018 / 6:28 AM / 10 months ago

AstraZeneca sells rights for Seroquel to Luye Pharma for $538 million

FILE PHOTO: A man walks past a sign at an AstraZeneca site in Macclesfield, central England May 19, 2014. REUTERS/Phil Noble//File Photo

LONDON (Reuters) - British pharma company AstraZeneca (AZN.L) said it had sold the rights for Seroquel, a treatment for schizophrenia and bipolar disease, to Luye Pharma Group (2186.HK) for $538 million (396.8 million pounds), as part of a strategy to focus on other therapy areas.

AstraZeneca said it had sold the rights for the treatments, named Seroquel and Seroquel XR, in the UK, China and other international markets, in a deal which will give it $260 million once the transaction closes, followed by future payments.

“The agreement with Luye Pharma is in line with AstraZeneca’s strategy to focus on three main therapy areas while maximising the value from our legacy medicines like Seroquel,” said Astra’s executive vice president Mark Mallon in a statement on Tuesday.

Reporting by Sarah Young, editing by James Davey

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