AstraZeneca is divesting certain rights to its nasal inflammation spray Rhincort Aqua to Johnson & Johnson group Cilag GmbH International.
Rhinocort Aqua is a spray formulation of the anti-inflammatory budesonide indicated for both allergic and non-allergic rhinitis and for the treatment of nasal polyps (swelling of the nasal lining).
Under the deal, which remains subject to customary closing conditions, Cilag has picked up global rights to the product outside of the US for $330 million.
Explaining the move, Mark Mallon, executive vice president, Global Product & Portfolio Strategy at AZ, said it allows the firm "to concentrate our efforts in Respiratory as one of our three strategic therapy areas, on transforming the treatment of asthma and COPD, where budesonide remains a key component of our marketed as well as pipeline medicines."
The deal is expected to complete in the fourth quarter.
The agreement comes hot on the heels of other deals designed to streamline firm's focus - the sale of experimental respiratory drug AZD7986 to US biotech Insmed in a deal valued at around $150 million, and the sale of rights to branded and authorised generic Toprol-XL (metoprolol succinate) in the US to Aralex for $175 million.