| AstraZeneca and Nomura Phase4 team up to launch new company | Posted on 14/02/2008 in Pharmaceutical Company Restructures AstraZeneca and Nomura Phase4 ventures are to launch a new company focusing on the development of new treatments for gastrointestinal (GI) disorders.
The two firms signed a deal that will see the formation of Albireo - a new business based in Gothenburg and which has already secured one clinical and several pre-clinical programmes from AstraZeneca.
Several specialists will also join the subsidiary from AstraZeneca's GI Research Area, the pharmaceutical company reports.
Albireo is to be financed by a syndicate of growth capital firms led by Nomura Phase4 Ventures.
The company has already raised $27 million (13.8 million pounds) and expects another $40 million to be generated in a Series A financing round
John Goddard, senior vice-president at AstraZeneca Strategic Planning and Business Development, said that the agreement represented an "exciting opportunity" to deliver value for both patients and shareholders.
"AstraZeneca is committed to creating innovative partnerships and deal structures that realise the full potential of our science," he added.
The agreement comes off the back of a previously announced decision by AstraZeneca to concentrate on Nexium and internal GI research focused on Gastroesophageal Reflux Disease.
Earlier this month, AstraZeneca and Epistem announced the successful completion of an initial study using Epistem's plucked human hair biomarker technology to advance oncology drug development.Other news stories from 14/02/2008
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