Sunovion has entered into a definitive agreement to divest the U.S. market rights to Sunovion’s ciclesonide products ALVESCO Inhalation Aerosol, OMNARIS Nasal Spray, and ZETONNA Nasal Aerosol to Covis Pharma. Ciclesonides are included in the corticosteroids class of medications, and are approved to treat asthma (ALVESCO) and allergic rhinitis (OMNARIS and ZETONNA).

"We are excited to announce this transaction and look forward to engaging with patients, physicians and customers in the continued support of these important products as we build out our respiratory franchise," said Michael Porter, CEO of Covis Pharma.

Covis Pharma plans to ship all products immediately upon closing the transaction and will work with Sunovion to ensure uninterrupted access to patients.

The transaction is expected to close during the first half of Fiscal Year 2017, subject to customary closing conditions.