Astrazeneca completes disposal of Entocort

AstraZeneca has received a $380m payment from Irish competitor Perrigo as the FTSE 100 company completed the disposal of right for a Crohn's disease medicine.

Perrigo last month agreed to buy the US rights from AstraZeneca to sell Entocort capsules and generic Entocort capsules marketed by Par Pharmaceuticals, but the deal does not include any employees or facilities.

Crohn's disease is no longer a strategic focus of AstraZeneca's and the Perrigo deal has completed the company's divestment of Entocort, following July's agreement to offload the global rights to Entocort outside the US to Tillotts for $215m.

"The divestment further emphasises AstraZeneca's strategic focus on three main therapy areas", the company said, adding that nor would it impact financial guidance for 2015.

US sales of Entocort were $89m in the year to 30 September.

AstraZeneca shares were up 2.42% to 4,389p by 1540 GMT on Tuesday.