United Kingdom-based AstraZeneca has completed a contract to divest its commercial rights to Seroquel (quetiapine fumarate immediate release) and Seroquel XR (quetiapine fumarate extended release) in Europe and Russia to Cheplapharm Arzneimittel GmbH (Cheplapharm), it was reported yesterday.

The deal is valued at USD178m. AstraZeneca is also likely to receive future sales-contingent payments of up to USD61m.

The upfront payment will be reported in the company's financial statements within Other Operating Income & Expense in the fourth quarter of 2019.