AstraZeneca has struck a deal to buy a Chinese cancer therapy company for up to $1.2bn (£950m), as Britain’s biggest drugmaker expands its footprint in its second-largest market. The Anglo-Swedish pharmaceutical firm announced on Tuesday it would acquire Gracell Biotechnologies, which is focused on a type of cancer therapy known as CAR-T that modifies a patient’s cells to fight the disease. The deal marks a further investment in cancer research and treatment, which accounts for about one-third of AstraZeneca’s business, as well as its continued push to expand in China.…
Tag: AstraZeneca
AstraZeneca makes bigger push into weight-loss market with new drug deal
AstraZeneca is making a bigger push into the weight-loss drug market, striking an exclusive licence agreement with a Chinese company for an obesity and type 2 diabetes pill that is in early stage development. Britain’s biggest drugmaker said it had agreed a deal with Eccogene, based in Shanghai, for an experimental drug named ECC5004 that would also treat other cardiometabolic conditions such as heart disease and stroke. It is in phase 1 development but AstraZeneca hopes it will enter phase 2 clinical studies by the end of next year. If…
AstraZeneca considers spinning off its China business
AstraZeneca is considering spinning off its business in China and listing it in Hong Kong or Shanghai to shield the multinational drugmaker from geopolitical tensions. Britain’s largest stock-market-listed company has drawn up the plans in attempt to protect its business from the fallout from increasing tensions between China and the US and its allies. Executives at the Anglo-Swedish company have been discussing the move with bankers for several months, although it could still be abandoned, the Financial Times first reported. The spin-out would mean Astra separates its division in China…
UK and Europe are falling behind US and China in biotech, says AstraZeneca boss
The boss of Britain’s biggest drugmaker has said that the UK and the rest of Europe are falling behind China and the US in the creation of biotech firms and clinical trials of new medicines. Pascal Soriot, chief executive of AstraZeneca, said that while China had seen an “explosion of biotech companies”, and a “rapid expansion of clinical trials” that puts it ahead of the US, the UK and EU had posted declines. Although the UK is great for science research at universities and in commercial laboratories, he argued that…