Monday, October 09, 2006

AstraZeneca throws a biotech "beauty contest"


AstraZeneca has ramped up its $5bn (£2.67bn) acquisition drive by inviting more than 60 venture capitalist firms to pitch companies they think the FTSE 100 giant would want to buy.

The one-day event, held last week, was the first AstraZeneca has held and underlines the emphasis placed by chief executive David Brennan on acquisitions as a way to fill the drugs giant's thin pipeline of new treatments.

Mr Brennan has said in the past that the company has up to $5bn to spend on biotech companies and licensing deals.

More than 30 AstraZeneca executives, including Mr Brennan, attended the all-day affair at the Innovation Centre near Tottenham Court Road in central London. Other AstraZeneca executives present included chief financial officer Jon Symonds, executive director for development John Patterson, head of discovery Jan Lundberg, and strategic planning and business development head John Goddard.

More here at The Independent
Insider's view: too little too late. AZ are finally admitting that they cant make new drugs. They have a very shaky late-stage pipeline.
These "beautys" will be years way from bringing in any income.
Add to this the fact that all the other Big Pharma are doing the same...... but with more cash!
Pfizer alone has a $17 billion fund for such acquisitions.

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