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AstraZeneca just spun off some of its drugs into a $250 million biotech

“It is not the first time AstraZeneca has shifted assets into a new biotech company in this way” writes Ben Hirschler for businessinsider.com. Chief Executive of AstraZeneca Pascal Soriot leaves after appearing at a commons science committee hearing at Portcullis House in London Thomson Reuters LONDON (Reuters) – AstraZeneca is spinning off six early-stage experimental drugs into a new $250 million standalone biotech company focused on severe autoimmune diseases.Bahija Jallal, head of AstraZeneca’s MedImmune biotech unit, said the drugmaker would remain strongly active in immunology.Chief Executive Pascal Soriot said earlier this month that AstraZeneca had a drug pipeline that was “over-sized relative to the current size of our company”. In 2015, it spun out its early small-molecule anti-infective drugs into Entasis Therapeutics and in 2008 it shifted gastrointestinal research into a company called Albireo.
 
Source: businessinsider.com



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