AstraZeneca merges MedImmune, CAT

AstraZeneca is merging UK-based Cambridge Antibody Technology into MedImmune in Gaithersburg, MD as it creates a new subsidiary that will focus on the development of biologics. The move follows AstraZeneca's decision to lay off about 10 percent of CAT's workforce, including CEO Hamish Cameron and research chief Alex Duncan. A spokesperson for AstraZeneca told The Times that its acquisition of CAT and MedImmune has led to some redundancies at each of the two biotech companies but that no cuts were expected in their research operations. And she added that the combination of CAT and MedImmune would lead to the creation of one of the largest biotech companies in the world.

- read the report on AstraZeneca's plans for MedImmune

ALSO: AstraZeneca brass got all huffy and defensive last month when news of their plans to outsource manufacturing hit the press. "Misquote" was the operative word. Now, though, the company has agreed to buy a key ingredient in Seroquel, its $3.4 billion schizophrenia drug, from contract manufacturers in China. Report

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CAT fetches $1.3B in AstraZeneca buyout. Report
AstraZeneca snares MedImmune in $15.6B buyout. Report
AstraZeneca lays out road map for recovery. Report
Top five layoffs of 2007--AstraZeneca. Report

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