US biotech firm bought by Astra

DRUGS giant AstraZeneca has snapped up an American biotechnology firm AlphaCore Pharma, which is developing a cholesterol medicine.

New Astra chief executive Pascal Soriot wants to increase the number of drugs that the FTSE 100 constituent is developing. Soriot, who joined from Roche in October, has launched a $2.3 billion (£1.5bn) cost-cutting programme that involves the shedding of one-in-ten jobs.

Analysts think Astra could spend $20bn on acquisitions and there has been speculation of a large deal, such as a bid for rival Shire. Yet Soriot favours bolt-on deals and has said a major acquisition is possible but unlikely.

No financial details of the AlphaCore deal were disclosed, although the price paid is likely to have been modest.