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AstraZeneca sells Seroquel's Europe, Russia rights to Cheplapharm

AstraZeneca PLC completed the sale of rights to its antipsychotic drug Seroquel and its extended-release version in Europe and Russia to privately held Cheplapharm Arzneimittel GmbH for $178 million up front.

Under the agreement, the Cambridge, U.K.-based pharmaceutical giant may also receive future sales-based payments of up to $61 million.

AstraZeneca said the funds will be used for general corporate purposes.

The company is also in the process of selling rights to Seroquel in the U.S. and Canada to Germany's Cheplapharm.

AstraZeneca has already sold the rights to the medicines to Chinese drugmaker Luye Pharma Group Ltd. in 2018 covering the U.K., China and 51 other countries, including Brazil, Australia and Mexico, under a $546 million deal.