Benzinga | Nov 1, 2021 06:16AM EDT

AstraZeneca To Offload Some Drug Rights To Covis Pharma For $270M

* AstraZeneca Plc (NASDAQ:AZN) will transfer global rights for respiratory medicines Eklira and Duaklir to Covis Pharma Group for $270 million.

* Covis will also cover certain ongoing development costs related to the medicines.

* AstraZeneca expects the agreement to help sharpen its focus on priority medicines in its respiratory and immunology portfolio.

* Covis had previously acquired the rights to other respiratory medicines Alvesco, Omnaris, and Zetonna from AstraZeneca in 2018.

* Eklira and Duaklir, used to treat chronic obstructive pulmonary disease (COPD), had generated revenues of $143 million for AstraZeneca in geographies covered by this agreement.

* AstraZeneca expects the agreement, which is slated to close in Q4 of 2021, not to impact the company's financial guidance for 2021.

* Price Action: AZN shares are up 0.06% at $62.42 during the premarket session on the last check Monday.