New biotechnology company formed

AstraZeneca and Nomura Phase4 Ventures have announced the signing of a deal to form Albireo, a biotechnology company focused on developing new treatments for gastrointestinal (GI) disorders. The spinout is a result of AstraZeneca's previously announced strategic decision to concentrate on Nexiam and internal GI research focussed on Gastroesophageal Reflux Disease (GORD).

Based in Sweden, Albireo has broad experience in the GI area and a pipeline of programmes for under-served markets. The company has already secured one clinical and a number of pre-clinical GI programmes from AstraZeneca, as well as several researchers with extensive experience in AstraZeneca's GI research area.

Albireo will be financed by a syndicate of growth capital firms, led by Nomura Phase4 Ventures, all of which are specialist investors in the healthcare markets. AstraZeneca retains a significant minority equity interest as well as a seat on the Albireo board.

“Albireo represents an exciting opportunity for AstraZeneca to deliver value for patients and our shareholders,” said John Goddard, Senior Vice President, AstraZeneca Strategic Planning and Business Development.

Dr Guni Goolab, AstraZeneca South Africa's CEO says: “AstraZeneca is committed to creating innovative partnerships and deal structures that realise the full potential of our science. The financing of this deal will allow Albireo to accelerate the development of a strong pipeline of innovative drugs for GI disorders and build on the strength of the core team.”

AstraZeneca is a major international healthcare business engaged in the research, development, manufacture and marketing of prescription pharmaceuticals and the supply of healthcare services. It is one of the world's leading pharmaceutical companies with a broad range of products in seven therapeutic areas, including gastrointestinal, cardiovascular, neuroscience, respiratory, oncology, pain and anaesthesia and infection.

For further information visit www.astrazeneca.co.za