AstraZeneca has sold European rights to its metoprolol-containing cardiovascular drugs to Italian drugmaker Recordati for $300 million.

Included in the sale are Seloken/Seloken ZOK (metoprolol tartrate and metoprolol succinate respectively) and Logimax fixed-dose combination (metoprolol succinate and felodipine), which are used for the control of hypertension, angina and heart failure and pull in annual sales of around $110 million in the region.

As well as $300 million on completion of the agreement, AZ will also receive sales-related income through tiered royalties, initially at a double-digit percentage of sales, and will manufacture and supply the medicines to Recordati under a supply agreement.

“This agreement allows us to concentrate our resources on bringing multiple new medicines to patients. Recordati’s expertise in cardiovascular disease and established European salesforce will help to expand the commercial potential of the Seloken brands, which are mature medicines for the new AstraZeneca,” said Mark Mallon, executive vice president of Global Product & Portfolio Strategy at AZ, explaining the strategy behind the move.

The transaction is expected to complete in the second quarter of 2017, subject to customary closing conditions and regulatory clearances.