AstraZeneca sells hay-fever drug to give it more breathing space
Pharma giant AstraZeneca today cleared a popular hay-fever treatment out of its drugs cabinet after selling a key licence to retail Rhinocort to US rival Johnson & Johnson for $330 million (£259 million).
Britain’s second-biggest drugmaker has sold the licence for Rhinocort Aqua, used by sufferers of hay fever, non-allergic rhinitis and for the treatment of nasal polyps, in all countries bar the US.
That’s despite growing demand for hay-fever treatments. The American Academy of Allergy, Asthma and Immunology claims that, worldwide, allergic rhinitis affects as much as 30% of the global population. But Astra’s latest sell-off — the deal with J&J spin-off Cilag completes today — comes as the Anglo-Swedish FTSE 100 drugmaker tries to focus on fewer medicinal areas.
Chief executive Pascal Soriot still wants to focus on respiratory problems, but mainly on asthma and lung conditions.
Astra is trying to take market share from rivals GlaxoSmithKline, Novartis and Teva in the severe asthma field. The drugmaker said the sale will allow it to “concentrate efforts in respiratory or transforming the treatment of asthma and COPD”, or lung disease.
