STOCKHOLM: AstraZeneca Plc has agreed, subject to certain limited exceptions, to divest its 26.7% ownership in Viela Bio Inc. as part of the proposed acquisition of Viela by Horizon Therapeutics plc, a news release said.

AstraZeneca is anticipating to receive cash proceeds and profit of c.$760-$780 million upon closing for the sale of the holding, which will be recorded in Reported and Core Other Operating Income and Expense in the Company’s financial statements.

The divestment is expected to complete by the end of the first quarter of 2021. The divestment does not impact the Company’s financial guidance for 2020.

Guidance for 2021 is anticipated to be issued with full-year2020 results on 11 February 2021.

Viela, headquartered in Gaithersburg, Maryland, is a biotechnology company dedicated to the discovery, development and commercialisation of novel treatments for autoimmune and severe inflammatory diseases.

Viela was founded in 2018 as a spinout from AstraZeneca, with clinical and pre-clinical projects from AstraZeneca’s inflammation and autoimmunity pipeline.

AstraZeneca is a global, science-led biopharmaceutical company that focuses on the discovery, development and commercialisation of prescription medicines, primarily for the treatment of diseases in three therapy areas – Oncology, Cardiovascular, Renal & Metabolism, and Respiratory & Immunology.

Based in Cambridge, UK, AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide. www.astrazeneca.com