AstraZeneca to Transfer Eklira, Duaklir Global Rights to Covis Pharma for $270 Million
01 November 2021 - 8:47AM
Dow Jones News
By Anthony O. Goriainoff
AstraZeneca PLC said on Monday that it will transfer the global
rights of Eklira--known as Tudorza in the U.S.--and Duaklir to
Covis Pharma Group who will pay $270 million on completion.
The London-listed pharmaceutical company said the income arising
from the upfront payment will be fully offset by a derecognition
charge for the associated intangible asset, and that no other
operating income will be recognized in the company's financial
statement.
In 2020, the medicines--which are used for the treatment of
chronic obstructive pulmonary disease--generated revenue of $143
million in the countries covered by this agreement, AstraZeneca
said. Covis Pharma will also cover certain continuing development
costs related to the medicines, and that the transaction is
expected to close in the fourth quarter, it said.
"The agreement will not impact the company's financial guidance
for 2021," AstraZeneca said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
November 01, 2021 03:32 ET (07:32 GMT)
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