AstraZeneca agrees deal to sell cardiovascular drug in Europe

Astrazeneca has sold the European rights to a hypertension and angina treatment for a sum of $300m plus royalties and a percentage of sales.

The FTSE 100 drug group will manufacture and supply the medicines to Italian cardiovascular drugs specialist Recordati under a supply agreement, which will see Astra receive an initial double-digit percentage of sales.

"This agreement allows us to concentrate our resources on bringing multiple new medicines to patients," said Mark Mallon, executive vice president of the company's global product and portfolio strategy.

"Recordati's expertise in cardiovascular disease and established European salesforce will help to expand the commercial potential of the Seloken brands, which are mature medicines for the new AstraZeneca."