AstraZeneca completes sale of US rights for nasal spray

AstraZeneca has completed the sale of rights to its nasal spray outside of the US with Swiss pharmaceutical Cilag for $330m.

The FTSE 100 company sold the rights for Rhinocort Aqua, a nasal spray to treat allergic and nonallergic rhinitis and polyps, for use outside of the US to a subsidiary of Johnson & Johnson.

It received payment of £330m, which will be booked in the fourth quarter of 2016, and will now not have a significant ongoing interest in Rhinocort Aqua.