AstraZeneca has completed the sale of rights to nasal spray Rhinocort Aqua to Johnson & Johnson group Cilag GmbH.

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).

Cilag has paid AZ $330 million for the rights to the medicine outside the US, which will be booked under Other Operating Income in the company's financial statements for the fourth quarter.

The deal, which was first announced back in October, falls under the firm's strategy of honing its focus within its priority areas.

"This agreement allows us 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," said Mark Mallon, executive vice president, Global Product & Portfolio Strategy at AZ, at the time.

Earlier in the year the drug giant sold experimental respiratory drug AZD7986 to US biotech Insmed in a deal valued at around $150 million.