AstraZeneca has agreed to sell its Astra Tech business to Dentsply for approximately $1.8 billion in cash. Astra Tech, headquartered in Mölndal, Sweden, has two main business divisions: a dental division, engaged in the R&D, manufacturing and marketing of dental implants, and a healthcare division, a business focused on medical devices for use primarily in urology and surgery. In 2010, Astra Tech recorded worldwide revenue of $535 million.

David Brennan, AZ’s chief executive officer, remarked, “Following a comprehensive strategic review, we believe this transaction represents an excellent outcome for AstraZeneca shareholders. The high degree of interest and the competitive nature of this process is evidence of the value that the employees of Astra Tech have built in the marketplace. I want to thank them for their contribution and believe they are well placed to build upon this successful foundation under Dentsply’s ownership.”

“The combination more than doubles our position in dental implants while expanding the breadth of our portfolio in this growing segment of dentistry,” Dentsply chief executive officer Bret Wise said in a statement.

The transaction is anticipated to be completed during the second half of 2011, pending regulatory approval.