AstraZeneca To Offload Some Drug Rights To Covis Pharma For $270M

AstraZeneca Plc AZN will transfer global rights for respiratory medicines Eklira and Duaklir to Covis Pharma Group for $270 million.
Covis will also cover certain ongoing development costs related to the medicines.
AstraZeneca expects the agreement to help sharpen its focus on priority medicines in its respiratory and immunology portfolio.
Covis had previously acquired the rights to other respiratory medicines Alvesco, Omnaris, and Zetonna from AstraZeneca in 2018.
Eklira and Duaklir, used to treat chronic obstructive pulmonary disease (COPD), had generated revenues of $143 million for AstraZeneca in geographies covered by this agreement.
AstraZeneca expects the agreement, which is slated to close in Q4 of 2021, not to impact the company’s financial guidance for 2021.
Price Action: AZN shares are up 0.06% at $62.42 during the premarket session on the last check Monday.

Overview Rating:

Speculative

0100