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: Pharmaceuticals industry
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…
China renews crackdown on corruption in healthcare
China’s graft-busters have set their sights on the country’s healthcare sector, in what has been described as the biggest crackdown on corruption in the history of the industry. At least 177 hospital bosses and Chinese Communist party (CCP) secretaries have been placed under investigation this year according to local media reports – more than double the number last year. In a press conference on Tuesday, the National Health Commission (NHC) said the campaign would focus on people who had used their position to procure kickbacks and corruption in the pharmaceutical…
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…
HRT: inside the complex global supply chain behind a $20bn market
In the centre of the factory stand 31 reactors: giant metal globes that can hold up to 10,000 litres of liquid each. Every week, gleaming stainless steel drums arrive by truck at this plant on the outskirts of Oss, in the Netherlands. Their contents are poured into the reactors through a funnel, dissolved, and then heated to boiling point. Standing by one of the vast containers, the factory manager, Robert Dam, compares it to a “cooking pot”. Peering inside, we can see the light liquid bubbling away. At Dam’s factory,…
US sanctions Chinese drugmakers amid addiction epidemic
The US has imposed sanctions on Chinese painkiller makers – including one man described as the biggest producer of anabolic steroids in the world – as it vowed to step up action to curb the addiction epidemic that killed a record 100,000 Americans last year. With people who are dealing with addiction increasingly turning to cheaper pills bought online from abroad, Joe Biden signed an executive order that makes it easier for the US to target foreign drug traffickers. The actions “will help disrupt the global supply chain and the…