AstraZeneca gives Rhinocort Aqua outside US rights to Cilag GmbH for $330 mn

AstraZeneca, a global, science-led biopharmaceutical company, announced that it has completed the agreement with Cilag GmbH International, an affiliate of Johnson & Johnson, for the divestment of the rights to Rhinocort Aqua outside the US.

Rhinocort Aqua is a nasal spray indicated for allergic and non-allergic rhinitis (inflammation of the inside of the nose), and for the treatment of nasal polyps (swelling of the nasal lining).

Under the terms of the agreement, AstraZeneca has received a payment of $330 million from Cilag GmbH International for the rights to the medicine outside the US. As AstraZeneca will not maintain a significant ongoing interest in Rhinocort Aqua, the payment will be recognised as Other Operating Income in the company’s financial statements, and will be booked in the fourth quarter of 2016.