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news.AstraZeneca has divested its portfolio of over-the-counter products predominantly sold in Sweden to GlaxoSmithKline. The decision reinforces AstraZeneca's strategy to focus on innovation in prescription medicines.
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Under the agreement, AstraZeneca will receive $253 million for the over-the-counter (OTC) brands, which include analgesics Alvedon and Reliv, Nezeril/Nasin for decongestion, Minifom for gastrointestinal disorder and Duroferon for treatment of iron deficiency.
The transaction is conditional upon the Swedish Competition Authority’s approval, which is not anticipated to be received until the first quarter of 2009.