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.
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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.
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