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.

AstraZeneca is a global, science-led biopharmaceutical company that focuses on the discovery, development and commercialisation of prescription medicines, primarily for the treatment of diseases in three main therapy areas - oncology, cardiovascular & metabolic diseases and respiratory.