AstraZeneca has handed over rights to a trio of non-core assets to Covis Pharma, as it continues to shed parts of its portfolio.

The deal covers inhaled anti-inflammatory Alvesco (ciclesonide) for persistent asthma and Omnaris and Zetonna (ciclesonide), nasal sprays used for the treatment of nasal symptoms associated with rhinitis.

The rights cover markets outside the US and the US royalties for the medicines. Combined 2017 product sales of Alvesco, Omnaris and Zetonna, booked by AstraZeneca, were $106 million.

Covis currently sells Alvesco, Omnaris and Zetonna in the US and will become the owner of the medicines. In return, it will pay AstraZeneca $350 million upon closing, as well as conditional sales-related payments of up to $21 million over four years from 2019.

“One of our strategic objectives is to divest parts of our portfolio, allowing us to allocate resources to develop innovative new medicines to address unmet patient needs,” said Mark Mallon, executive vice president, Global Product and Portfolio Strategy, explaining the move.

“Covis Pharma has strong capabilities in marketing medicines around the world, and our agreement with them means patients will continue to benefit from Alvesco, Omnaris and Zetonna.”