AstraZeneca (LON: AZN) has entered into an agreement with Recordati S.p.A (BIT: REC) to sell the European commercial rights to Seloken/Seloken ZOK (metoprolol tartrate and metoprolol succinate respectively) and associated Logimax fixed-dose combination (metoprolol succinate and felodipine) treatments, the company announced on Monday.

Under the terms of the agreement, AstraZeneca will manufacture and supply the treatments to Recordati.

Upon completion of the sale, Recordati will pay AstraZeneca USD300m. The Anglo-Swedish multinational pharmaceutical company will also receive sales-related income via tiered royalties. These will initially be at a double-digit percentage rate.

AstraZeneca holds the rights for the drugs outside of Europe and will therefore continue to commercialise the medicines in all other markets.

The deal is expected to be completed in the second quarter of this year, subject to customary closing conditions and regulatory clearances.