AstraZeneca signs China licensing deal for Plendil

Under the terms of the agreement, which does not include the transfer of any AstraZeneca employees or facilities, China Medical will pay the pharmaceutical company $310m (£223m) for the license to sell Plendil in China.

AstraZeneca will maintain a significant, long-term interest in the future value derived from Plendil sales in China and will manufacture and supply the medicine to CMS. It will also retain the global rights to Plendil outside China.

Mark Mallon, executive vice president of International at AZN said: "This commercial collaboration supports our strategy of working with a local partner to maximise the value from our medicines in China, our second largest market globally.

“The agreement ensures widespread patient access to an established medicine and continued long-term revenues, while focusing our resources on commercialising innovative new medicines from our pipeline across our main therapy areas."

The company also said on Monday that it has entered into an agreement with CMS and its associated company, Tibet Rhodiola Pharmaceutical Holding Co, for the divestment of the global rights to Imdur – used to prevent chest pain – outside the US.

AstraZeneca will receive $190m the rights to Imdur in all markets outside the US.

The pharmaceutical giant said neither deal will impact 2016 guidance.

At 0835 GMT, AZN shares were down 1.2% to 4,156.00p.