AstraZeneca Spins off GI Research Operation

AstraZeneca has spun off part of its gastrointestinal research operation into a new biopharmaceutical company called Albireo. The move is part of the company’s realignment plans, announced in 2006, to refocus its research away from certain areas within cardiovascular and gastrointestinal medicine.
   
AZ will retain a minority shareholding in the new company. New investors, Nomura Phase4 Ventures, TVM Capital and Scottish Widows Investment Partnership, have invested $27 million in the company, with a further $40 million expected from a second round of financing.
   
AstraZeneca’s head of venture strategy, Veronique Bouchet, said, “This represents an innovative approach to product development. Without it we would not have taken forward the products that will now be developed by Albireo.”