AstraZeneca PLC (AZN) Acquires AlphaCore Pharma to Expand Drug Portfolio
4/3/2013 7:13:51 AM
AstraZeneca boosted its early-stage pipeline of experimental heart drugs on Wednesday by buying privately held U.S. biotechnology company AlphaCore Pharma, which is developing a new type of cholesterol medicine. The deal shows AstraZeneca's new Chief Executive Pascal Soriot taking on more scientific risks by betting on a new and still unproven approach to cardiovascular medicine. Financial details of the acquisition by the British drugmaker's MedImmune unit were not disclosed but the amount paid will have been modest since AstraZeneca was not obliged to disclose it as a material investment. Last month it revealed it paid $240 million upfront to Moderna Therapeutics to access its know-how in manipulating RNA, or ribonucleic acid, which helps create proteins inside cells - another example of Soriot placing a bet on new science.