AstraZeneca has sold European rights for its Seloken/Seloken ZOK and Logimax cardiovascular drugs to Italy’s Recordati for $300 million. The medicines, which are used to treat hypertension, angina and heart failure, had annual sales in Europe of around $110 million last year.

Commenting on the reasons behind the sale, Mark Mallon, executive vice president of AstraZeneca’s global product & portfolio strategy, said the agreement allows the company to concentrate its resources on bringing multiple new medicines to patients. “Recordati’s expertise in cardiovascular disease and established European salesforce will help to expand the commercial potential of the Seloken brands, which are mature medicines for the new AstraZeneca,” he said.

As well as the $300 million payment on completion of the deal, AstraZeneca will also receive sales-related income through tiered royalties, which will initially be at a double-digit percentage of sales. It will also manufacture and supply the drugs to Recordati under a supply agreement.

The transaction is expected to complete in the current quarter, subject to the usual closing conditions and regulatory approvals.