AstraZeneca, the FTSE 100 biopharmaceutical giant, on Thursday unveiled plans to create an integrated translational research centre for cardiovascular and metabolic disease and regenerative medicine at medical university Karolinska Institutet's site in Stockholm.
The centre will run for an initial period of five years and will employ between 20 and 30 scientists, including a number from AstraZeneca. The company will contribute up to $20m per annum, while the Insistutet will contribute its expertise and facilities.
The centre is expected to be operational by the middle of 2013.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Menelas Pangalos, the Executive Vice President of the Innovative Medicines and Early Development biotech unit at AstraZeneca said: "Working side by side and in the same laboratories as scientists from Karolinska Institutet, we can combine AstraZeneca's resources and drug discovery experience with the world-class research of Karolinska Institutet to dramatically accelerate our understanding of cardiometabolic diseases.
"Empowering world-class scientists to collaborate closely, with joint research goals, will speed our ability to translate ground-breaking research into the delivery of new medicines and advance AstraZeneca's scientific leadership in cardiovascular and metabolic disease."
On the same day the company also announced plans to sign a deal with Moderna Therapeutics to develop RNA therapeutics and in a separate statement outlined its strategy to return to growth by driving its on-market growth platforms as it moves through a period of patent expiries and revenue declines.
The share price rose 2.55% to 3,117.50p by 13:05.
NR
-
How to find lost pensions, savings or investmentsLosing track of money is easy to do when moving house or changing jobs so if you’ve lost touch with your cash, we outline some simple steps to find lost pensions, investments, savings accounts and Premium Bonds
-
Frasers Group 'is a rare retail gem in a battered sector'Opinion Frasers Group is shunned for a reason, but brave investors should buy in now, says Jamie Ward
