LONDON--AstraZeneca PLC (AZN.LN) has entered into an agreement with Recordati S.p.A (REC.MI) for the commercial rights to AstraZeneca's heart-failure drug Seloken/Seloken ZOK and associated Logimax fixed-dose combination treatments in Europe.

AstraZeneca said Monday that Recordati will pay $300 million upon completion of the agreement. AstraZeneca will also receive sales-related income through tiered royalties, initially at a double-digit percentage of sales.

AstraZeneca said it will manufacture and supply the medicines to Recordati under a supply agreement.

-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet

(END) Dow Jones Newswires

May 22, 2017 02:31 ET (06:31 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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