By Adriano Marchese

AstraZeneca PLC (AZN.LN) said Tuesday that it has agreed to sell the commercial rights to the drugs Seroquel and Seroquel XR in the U.S. and Canada to Cheplapharm Arzneimittel GmbH for an upfront payment of $35 million.

The U.K. pharmaceutical company said that as well as the upfront payment, there may also be future sales-contingent payments of up to $6 million.

The company said the agreement doesn't impact the company's financial guidance for 2019 and that the agreement became effective upon signing.

"This divestment supports our strategy of reducing the number of mature medicines to enable reinvestment in our main therapy areas," said Ruud Dobber, executive vice president of the biopharmaceuticals business unit.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

December 03, 2019 02:32 ET (07:32 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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