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« Dr. Robert Shapiro Discusses Follow-on Biologics Report | Main | Pfizer to Acquire Encysive Pharmaceuticals »

February 20, 2008

AstraZeneca Spins Off New Biotech Company

    By Baltazar Gomez --

Astrazeneca_large AstraZeneca PLC announced last Thursday that it was spinning off a portion of its gastrointestinal research operations into new biotech company called Albireo.  Albireo will be financed by a syndicate including Nomura Phase4 Ventures, TVM Capital, and Scottish Widows Investment Partnership.  AstraZeneca will keep a significant minority stake in Albireo, in exchange for transferring the R&D assets to Albireo.  The announcement reflects a refocusing of research efforts by the drugmaker in response to pressure on profits from generic competition.

Gastrointestinal disease has long been an important part of AstraZeneca’s business.  The company's best-selling medication is the widely known heartburn and ulcer pill Nexium, which accounted for $5.2 billion in global sales last year.  However, AstraZeneca had previously stated that it planned to move away from gastrointestinal diseases unrelated to Nexium, so the creation of Albireo comes as no surprise.  Albireo will take over one experimental drug in clinical development and a number of pre-clinical gastrointestinal programs from AstraZeneca.

Posted at 10:15 PM in Biotech/Pharma Business |

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