AstraZeneca to Sell Dental Anaesthetics Portfolio for $136.5 Million

AstraZeneca(AZN Quote - Cramer on AZN - Stock Picks) plans to sell its dental portfolio of local anaesthetics to Dentsply International(XRAY Quote - Cramer on XRAY - Stock Picks) for $136.5 million plus future payments on an additional dental brand.

AstraZeneca, a pharmaceutical company based in London, will retain ownership of brand names Xylocaine, Citanest and Polocaine/Carbocaine and will license the rights to Dentsply.

Dentsply, a maker of dental products and equipment based in York, Pa., will acquire the full rights to AstraZeneca's new dental gel Oraqix, on which the company has agreed to make future payments. The sale will affect roughly 225 AstraZeneca employees, who will either be reassigned within the company or offered jobs by Dentsply.

Shares of AstraZeneca lost $1.81, or 3.9%, to $45 in recent New York Stock Exchange trading, while shares of Dentsply fell 75 cents, or 2.1%, to $35.63 in recent Nasdaq trading.