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By Ian Walker
AstraZeneca PLC (AZN.LN) said Tuesday that it is selling the rights to acid-reduction drug Losec to Cheplapharm Arzneimittel GmbH for an initial $243 million.
The pharmaceutical giant is selling the global commercial rights to Losec, excluding China, Japan, the U.S. and Mexico.
Under the deal Astra will receive milestone payments of up to $33 million in 2021 and 2022, subject to certain sales targets being met.
Astra said the sale, which is part of the board's strategy to reduce the portfolio of mature medicines, doesn't change its financial guidance for 2019.
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(END) Dow Jones Newswires
October 01, 2019 02:41 ET (06:41 GMT)
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