AstraZeneca to divest US rights to nasal spray to J&J affiliate

Pharmaceutical giant AstraZeneca agreed to divest rights outside the US of its nasal spray to Johnson & Johnson affiliate CilagGmbH International for $330m in order to concentrate on respiratory treatments.

AstraZeneca will not maintain an ongoing interest in the Rhinocort Aqua nasal spray as part of the deal, which is subject to closing conditions, and is expected to be completed in the final quarter of the year.

The company said the deal will not result in any of its employees or facilities transferring to CilagGmbH and will not impact its financial guidance for the year.

The $330m from CilagGmbH will be recognised as other operating income in the company's financial statements.

Mark Mallon, executive vice president, global product and portfolio strategy at AstraZeneca, said: "This agreement allows us to concentrate our efforts in respiratory as one of our three strategic therapy areas, on transforming the treatment of asthma and chronic obstructive pulmonary disease, where budesonide remains a key component of our marketed as well as pipeline medicines."

The Rhinocort Aqua nasal spray is to treat the inflammation of the inside of the nose, and for the treatment of nasal polyps, the swelling of the nasal lining, using the active anti-inflammatory ingredient budesonide.