July 1, 2016 / 6:51 AM / in 2 years

AstraZeneca sells two dermatology drug rights to LEO Pharma

July 1 (Reuters) - British drugmaker AstraZeneca Plc said it sold the rights to develop an experimental mid-stage drug to treat atopic dermatitis to privately-held LEO Pharma.

LEO Pharma would pay AstraZeneca $115 million in upfront payment and $1 billion in milestones. However, AstraZeneca will retain rights to develop the drug, tralokinumab, to treat severe asthma, the company said.

Separately, AstraZeneca said it terminated its licensing deal with Canadian drugmaker Valeant Pharmaceuticals International Inc on its experimental psoriasis drug, brodalumab, and sold the rights to that drug in Europe to LEO Pharma. Details of the deal were not disclosed. (Reporting by Vidya L Nathan in Bengaluru; Editing by Gopakumar Warrier)

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