Pfizer to buy Astra firm for £1.1bn in new twist
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The sale is part of a portfolio reshaping at AstraZeneca, and comes two years after it rejected an unwanted £69bn takeover approach from Viagra-maker Pfizer for the whole company.
It also follows Pfizer’s agreement earlier this week to buy US biotech firm Medivation for $14bn. AstraZeneca gets an upfront payment of $550 million from the US pharma giant on completion of the deal later this year, followed by a further $175m in January 2019.
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AstraZeneca wants to focus its business on oncology, respiratory, cardiovascular and diabetic diseases.
It is also adding more biologic drugs to its portfolio, which are harder for rivals to copy then small molecule-based treatments.