The move reflects a decision by the Anglo-Swedish drugmaker -- which faces pressure on profits from looming generic competition and recent pipeline setbacks -- to refocus its research efforts.
The new venture, called Albireo, will be financed by a syndicate led by Nomura Phase4 Ventures, and joined by TVM Capital and Scottish Widows Investment Partnership.
AstraZeneca will retain a significant minority stake in Albireo, in exchange for transferring the R&D assets into the new business. It will also have a seat on its board.
A spokesman declined to say exactly how large AstraZeneca's shareholding would be.
The move is not a surprise. AstraZeneca had said on Monday it was studying options for certain of its research assets, following a Swedish newspaper report that a sale or spin-out was imminent.
Reuters
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