Drugmaker Pfizer signs £1.2bn deal
AstraZeneca has signed a $1.6bn (£1.2bn) deal to sell part of its antibiotics business to fellow pharmaceuticals giant Pfizer.
The Viagra-maker is set to pay $550m (£379m) to AstraZeneca up-front and another $175m (£130m) in January 2019.
The remaining amount will be paid out as manufacturing and sales develop.
The deal includes the commercial and development rights to AstraZeneca's late-stage small molecule antibiotics business and "recurring, double-digit royalties" on the sale of select drugs including antibiotic Zavicefta.
The rights will be valid across most global markets outside the US, AstraZeneca said.
The deal is expected to be finalised during the fourth quarter of 2016, but AstraZeneca said it will not impact the company's full-year outlook. Pfizer is also to acquire drug company Medivation for around £14bn (£10.6bn).