FILE PHOTO: The logo of AstraZeneca is seen on medication packages in a pharmacy in London April 28, 2014. REUTERS/Stefan Wermuth/File Photo

LONDON (Reuters) - British pharma company AstraZeneca said it had sold the rights for Seroquel, a treatment for schizophrenia and bipolar disease, to Luye Pharma Group for $538 million, as part of a strategy to focus on other therapy areas.

AstraZeneca said it had sold the rights for the treatments, named Seroquel and Seroquel XR, in the UK, China and other international markets, in a deal which will give it $260 million once the transaction closes, followed by future payments.

“The agreement with Luye Pharma is in line with AstraZeneca’s strategy to focus on three main therapy areas while maximising the value from our legacy medicines like Seroquel,” said Astra’s executive vice president Mark Mallon in a statement on Tuesday.