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AstraZeneca announces restructuring and buyout
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Fresh from announcing a deal to acquire Arrow Therapeutics for $150 million in cash, the U.K.'s AstraZeneca said it would lay off 3,000 workers in a restructuring as it turns its attention to building up its pipeline. The move comes as AstraZeneca also reported its third straight year of revenue growth. AstraZeneca says that it will start discussions with its trade union leaders as it determines which jobs to axe.
Arrow Therapeutics specializes in anti-viral therapies and has a therapy for RSV, or Respiratory Syncytial Virus, in mid-stage trials. Yesterday AstraZeneca announced two big licensing deals with Palatin Technologies and Argenta with an eye to beefing up its development work.
John Patterson, Executive Director, Development, AstraZeneca, said: "Arrow Therapeutics is an excellent opportunity to acquire a world-class anti-viral capability to add to our own anti-bacterial research capabilities and promising early stage compounds. AstraZeneca is determined to focus on areas of highest unmet needs and we have identified anti-bacterials and anti-virals as a key opportunity."
- read this excerpt from AstraZeneca's financial results for more on the job cuts
- see the release on the Arrow Therapeutics buyout
- read the AP report on AstraZeneca's latest moves
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Comments
By A.PRAVEEN KUMAR | Posted 3:00am | February 14, 2007
ASTRAZENECA IS HE ONE OF THE RENOWING COMPANIES IN THE WORLD INTRODUCING MANY NEW THERAPEUTICS TO THE PEOPLE...
By Insider | Posted 10:03pm | November 1, 2008
Introducing new therapies? :P Their only invention was Prilosec, but they did not even know what it was good for. They positioned it 1st for a very rare intestinal disease then someone enlightened them that it could be good for hyperacidic people.
The follower of Prilosec, Nexium is just a marketing hoax. It is same as Prilosec, only with some optical difference in the molecule - but this way the patent was extended with decades. In fact Nexium is much weaker than Prilosec, just it is not communicated by AZ as no more business in that. All Prilosec patients were smartly shifted to Nexium before the generics entered the market... And healthcare paid for it. Nexium is the most expensive antacid, effect kicks in very slow so one must take it continuously. Prilosec was much faster and the effect lasted longer.
Crestor is a make of a Japanese company, has nothing to do with AZ invention. Symbicort is responsible for severe cardiovascular side effects. And no product in the pipeline as of today. Lousy combos are planned: fibrate and Crestor, wah - thats something.
And lets not forget the most overpriced pharma acquisition in the history: Medimmune. AZ paid about 2x the market price, analysts said.
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