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AZ to transfer certain drug rights to Covis Pharma for $270m

AstraZeneca has announced it will transfer global rights to Eklira (aclidinium bromide) and Duaklir (aclidinium bromide/formoterol) to Covis Pharma Group in a $270m deal.

Eklira and Duaklir are both delivered via the Genuair device and are indicated for the treatment of chronic obstructive pulmonary disease (COPD).

Upon completion of the deal, Covis will pay AZ $270m and is also set to cover certain ongoing development costs related to each drug.

In 2020, Eklira and Duaklir generated AZ revenue of $143m in the countries covered in the Covis agreement.

Previously, Covis acquired the rights to AZ’s respiratory medicines Alvesco, Omnaris and Zetonna.

In a statement, AZ said that the income arising from the upfront payment for Eklira and Duaklir will be ‘fully offset’ by a charge for derecognition of the associated intangible asset, meaning no Other Operating Income will be recognised in AZ’s financial statements.