AstraZeneca has agreed to divest the rights outside the US of its Rhinocort Aqua (budesonide) nasal spray for allergic and non-allergic rhinitis to Cilag GmbH International, an affiliate of Johnson & Johnson. AstraZeneca will receive a $330-million payment from Cilag GmbH International upon completion of the transaction. The agreement is subject to customary closing conditions and is expected to be completed in the fourth quarter of 2016. The transaction does not include the transfer of any AstraZeneca employees or facilities.

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). The active ingredient is the anti-inflammatory medicine budesonide.

Source: AstraZeneca