AstraZeneca

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AstraZeneca plc
Type Public limited company
Traded as LSEAZN
OMXAZN
NYSEAZN
Industry Pharmaceutical
Biotechnology
Predecessor(s) Astra AB
Zeneca Group plc
Founded 6 April 1999
Headquarters London, United Kingdom
Area served Global
Key people Leif Johansson (Chairman)
Pascal Soriot (CEO)
Products Pharmaceutical products
Revenue US$25,711 million (2013)[1]
Operating income US$3,712 million (2013)[1]
Net income US$2,571 million (2013)[1]
Employees 50,000 (2014)[2]
Subsidiaries MedImmune
Website www.astrazeneca.com

AstraZeneca plc[3] is a British-Swedish multinational pharmaceutical and biologics company headquartered in London, United Kingdom. It is the world's seventh-largest pharmaceutical company measured by 2012 prescription drug sales (after Pfizer, Sanofi, Novartis, Merck & Co., Roche and GlaxoSmithKline) and has operations in over 100 countries.[4]

AstraZeneca has a portfolio of products for major disease areas including cancer, cardiovascular, gastrointestinal, infection, neuroscience, respiratory and inflammation.[5] The company was founded in 1999 through the merger of the Sweden-based Astra AB and the UK-based Zeneca Group[6][7] (itself formed by the demerger of the pharmaceutical operations of Imperial Chemical Industries in 1993). It has made numerous corporate acquisitions, including of Cambridge Antibody Technology (in 2006), MedImmune (in 2007), and Spirogen (in 2013).

AstraZeneca has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It had a market capitalisation of approximately £39.5 billion as of 23 December 2011, the tenth largest of any company with a primary listing on the London Stock Exchange.[8] It has secondary listings on the New York Stock Exchange and the OMX exchange.

History[edit]

Astra AB was founded in 1913 in Södertälje, Sweden, by 400 doctors and apothecaries.[9] In 1993 the British chemicals company ICI demerged its pharmaceuticals businesses and its agrochemicals and specialties businesses, to form Zeneca Group plc,.[10] Finally, in 1999 Astra and Zeneca Group merged to form AstraZeneca plc, with its headquarters in London.[10] In 1999, AstraZeneca identified as a new location for the company's US base the "Fairfax-plus" site in North Wilmington, Delaware.[11] In 2002, its drug Iressa was approved in Japan as monotherapy for non-small cell lung cancer.[12] On 3 January 2004 Dr Robert Nolan, a former director of AstraZeneca, formed the management team of ZI Medical.[13]

In 2005, the company acquired KuDOS Pharmaceuticals, a UK biotech company, for £120m[14] and entered into an anti-cancer collaboration agreement with Astex.[15] It also announced that it had become a Diamond Member of the Pennsylvania Bio commerce organisation.[16]

In 2006, following a collaborative relationship begun in 2004, AstraZeneca acquired Cambridge Antibody Technology for £702 million.[17]

In February 2007, AstraZeneca agreed to buy Arrow Therapeutics, a company focused on the discovery and development of anti-viral therapies, for $150 million.[18]

AstraZeneca's pipeline, and "patent cliff", was the subject of much speculation in April 2007 leading to pipeline-boosting collaboration and acquisition activities.[19] A few days later AstraZeneca acquired American company MedImmune for about $15.2 billion to gain flu vaccines and an anti-viral treatment for infants;[20] AstraZeneca subsequently consolidated all of its biologics operations into a dedicated biologics division called MedImmune.[21]

In 2011, AstraZeneca acquired Guangdong BeiKang Pharmaceutical Company, a Chinese generics business.[22]

In February 2012, AstraZeneca and Amgen announced collaboration on treatments for inflammatory diseases.[23] Then in April 2012, AstraZeneca acquired Ardea Biosciences, another biotechnology company, for $1.26 billion.[24]

In June 2012, AstraZeneca and Bristol-Myers Squibb announced a two-stage deal for the joint acquisition of the biotechnology company Amylin Pharmaceuticals.[25][26] It was agreed that Bristol-Myers Squibb would acquire Amylin for $5.3 billion in cash and the assumption of $1.7 billion in debt, with AstraZeneca then paying $3.4 billion in cash to Bristol-Myers Squibb, and Amylin being folded into an existing diabetes joint-venture between AstraZeneca and Bristol-Myers Squibb.[26]

In March 2013 AstraZeneca announced plans for a major corporate restructuring, including the closure of its research and development activities at Alderley Park, investment of $500 million in the construction of a new research and development facility in Cambridge, and the move of its corporate headquarters from London to Cambridge in 2016.[27][28] In the same month AstraZeneca said it will cut 2,300 jobs as part of a restructuring of its business.[29]

In October 2013, AstraZeneca announced it would acquire biotech company Spirogen for around $440 million.[30]

On 19 May 2014 AstraZeneca rejected a "final offer" from Pfizer of £55 per share, which valued the company at £69.4 billion ($117 billion). The companies had been meeting since January 2014. If the takeover had proceeded Pfizer would have become the world's biggest drug maker. The transaction would also have been the biggest foreign takeover of a British company. Many in Britain, including politicians and scientists, had opposed the deal.[31]

Operations[edit]

The AstraZeneca R&D facility in Mölndal, Sweden

AstraZeneca develops, manufactures and sells pharmaceutical and biotechnology products to treat disorders in the gastrointestinal, cardiac and vascular, neurological and psychiatric, infection, respiratory, pathological inflammation and oncology areas.

AstraZeneca has its corporate headquarters in London, United Kingdom, and its research and development (R&D) headquarters are in Södertälje, Sweden. The company employs over 11,000 people at research facilities in the United Kingdom, United States, Sweden, France, Canada, India, China, Brazil and Japan.

The company's largest single research and development site is at Alderley Park (a large country estate on the east side of the A34 road north of the Monk's Heath crossroads) in Cheshire, England. Around 4,500 staff are based at the site.[32]

The company has a major research and development presence in Sweden, with approximately 4,000 staff employed at research facilities in Mölndal and Södertälje.[33]

Products[edit]

AstraZeneca specialises in prescription medicines to fight disease in several therapeutic areas. The following is a list of key products found on the AstraZeneca website.[34] Generic- drug names are given in parentheses following the brand name.


Anaesthetics

-Cardiovascular

-Diabetes

  • Byetta and Bydureon (Exenatide)
  • Onglyza (Saxagliptin)
  • Farxiga (dapagliflozin)
  • Kombiglyze™ XR (saxagliptin and metformin HCl extended release)
  • Komboglyze™ (saxagliptin and metformin HCl)
  • Symlin® (pramlintide acetate)
  • Xigduo™ (dapagliflozin and metformin HCl),

-Gastrointestinal

– Infection

-Neuroscience

-Oncology

-Respiratory and Inflammation

Under development[edit]

Senior management[edit]

The senior executive team is composed of David Brennan, Simon Lowth, John Patterson, Tony Zook, David Mott, Bruno Angelici, Lynn Tetrault and David Smith. As of 2008, Brennan is paid $1,574,144 for his role as chief executive officer.[35]

On 26 April 2012, it was announced that David Brennan was to retire early in the June of that year[36]

It was also announced that Leif Johansson will succeed Louis Schweitzer as Non-Executive chairman on 1 June 2012 – three months earlier than previously announced – and will become Chairman of the Nomination and Governance Committee after (the 2012) Annual General Meeting."[36]

Non-executive directors include Graham Chipchase, chief executive of Rexam plc.

Controversies[edit]

Seroquel[edit]

In 2008, 45% of the test persons in AstraZeneca medical trials came from Asia; Eastern- and Central Europe; and South America. The same year 13.5% of the total sales were made in these regions. In contrast 86% of total sales were made in Japan, North America, and Western Europe.[37]

In April 2010 AstraZeneca settled a qui tam lawsuit brought by Stefan P. Kruszewski for $520 million to settle allegations that the company defrauded Medicare, Medcaid, and other government-funded health care programs in connection with its marketing and promotional practices for the blockbuster atypical antipsychotic, Seroquel.[38]

In March 2011, AstraZeneca settled a lawsuit in the United States totalling $68.5 million to be divided up to 38 states.[39]

Nexium[edit]

The company's most commercially-successful medication is esomeprazole. The primary uses are treatment of gastroesophageal reflux disease, treatment and maintenance of erosive esophagitis, treatment of duodenal ulcers caused by H. pylori, prevention of gastric ulcers in those on chronic NSAID therapy, and treatment of gastrointestinal ulcers associated with Crohn's disease.[ When it is manufactured the result is a mixture of two mirror-imaged molecules, R and S. Two years before the omeprazole patent expired AstraZeneca patented S-omeprazole in pure form, pointing out that since some people metabolise R-omeprazole slowly, pure S-omeprazole treatment would give higher dose efficiency and less interindividual variation.[40] In March 2001, the company began to market Nexium,[41] as it would a brand new drug.

The (R)-entantiomer of omeprazole is metabolized exclusively by the enzyme CYP2C19, which is expressed in very low amounts by 3% of the population. Treated with a normal dose of the enantiomeric mixture, these persons will experience blood levels that are 5 times higher than those with normal CYP2C19 production. In contrast, esomeprazole is metabolized by both CYP2C19 and CYP3A4, providing less variable drug exposure.[42] While omeprazole is approved only at doses of up to 20 mg for the treatment of gastroesophageal reflux,[43] esomeprazole is approved for doses up to 40 mg.[44]

In 2007, Marcia Angell, former editor-in-chief of the New England Journal of Medicine and a lecturer in social medicine at the Harvard Medical School, said in Stern, a German-language weekly newsmagazine, that AstraZeneca's scientists had misrepresented their research on the drug's efficiency, saying "Instead of using presumably comparable doses [of each drug], the company's scientists used Nexium in higher dosages. They compared 20 and 40mg Nexium with 20mg Prilosec. With the cards having been marked in that way, Nexium looked like an improvement – which however was only small and shown in only two of the three studies."[45]

Bildman fraud[edit]

On 4 February 1998, Astra USA sued Lars Bildman, its former president and chief executive officer, seeking $15 million for defrauding the company.[46] The sum included $2.3 million in company funds he allegedly used to fix up three of his homes, plus money the company paid as the result of the EEOC investigation. Astra's lawsuit alleged Bildman sexually harassed and intimidated employees, used company funds for yachts and prostitutes, destroyed documents and records, and concocted "tales of conspiracy involving ex-KGB agents and competitors. This was in a last-ditch effort to distract attention from the real wrongdoer, Bildman himself." Bildman had already plead guilty in US District Court for failing to report more than $1 million in income on his tax returns; in addition, several female co-workers filed personal sexual-harassment lawsuits.

Transfer mispricing[edit]

In 2010 AstraZeneca agreed to pay £505 million to settle a UK tax dispute related to transfer mispricing.[47]

See also[edit]

Notes and references[edit]

  1. ^ a b c Preliminary Results 2013
  2. ^ "Key facts". AstraZeneca. Retrieved 8 February 2014. 
  3. ^ Standard practice is that the name be pronounced as "Astra Zeneca" rather than "Astrazeneca"
  4. ^ "The Top 100 Pharmaceutical Companies". BioPortfolio. Retrieved 4 May 2014. 
  5. ^ About us
  6. ^ "Global 500 – Pharmaceuticals". Fortune. 20 July 2009. Archived from the original on 23 August 2010. Retrieved 19 August 2010. 
  7. ^ "Key facts". AstraZeneca. Archived from the original on 8 September 2010. Retrieved 1 September 2010. 
  8. ^ "FTSE All-Share Index Ranking". stockchallenge.co.uk. Retrieved 26 December 2011. 
  9. ^ "Organizational Portraits – AstraZeneca". The Pharmaceutical Century: Ten Decades of Drug Discovery. Washington, D.C.: ACS Publications. 17 November 2000. Retrieved 14 July 2008. 
  10. ^ a b AstraZeneca US History
  11. ^ "AstraZeneca Selects Wilmington, Del. for New US Headquarters". 
  12. ^ "AstraZeneca's Iressa FDA committee judgement expected tomorrow". 23 September 2002. Retrieved 7 July 2013. 
  13. ^ "ZI is dripping with promise". 
  14. ^ AstraZeneca buys biotech company for £120m The Telegraph, 23 December 2005
  15. ^ AstraZeneca and Astex ally for anticancer agents Business Intelligence, 1 July 2005
  16. ^ "Pennsylvania Bio – Member Listings". Pennsylvania Bio web site. Archived from the original on 14 December 2005. Retrieved 8 October 2005. 
  17. ^ AstraZeneca to buy CAT for £702m BBC News, 15 May 2006
  18. ^ AstraZeneca agrees to buy Arrow Therapeutics for $150 mln Marketwatch, 1 February 2007
  19. ^ AstraZeneca seeks a remedy for its patent pain The Telegraph, 21 April 2012
  20. ^ "AstraZeneca to pay $15.2B to purchase rival MedImmune; Deal sees London-based drugmaker take on debt for the first time in order to fill product line". Bloomberg. 
  21. ^ AstraZeneca Buys MedImmune for $15.6 Billion The New York Times, 24 April 2007
  22. ^ AstraZeneca to buy Chinese generics firm Healthcare News, 8 December 2011
  23. ^ AstraZeneca and Amgen collaborate on treatments for inflammatory diseases Medcity News, 4 February 2012
  24. ^ AstraZeneca Reaches $1.26 Billion Deal for Ardea Biosciences The New York Times, 23 April 2012
  25. ^ Peacock, Louisa (30 June 2012). "AstraZeneca to pay £2.2bn towards 'joint venture' diabetes deal". The Daily Telegraph (London). Retrieved 1 July 2012. 
  26. ^ a b "Bristol-Myers to buy Amylin for about $5.3 billion". Reuters. 30 June 2012. Retrieved 1 July 2012. 
  27. ^ "AstraZeneca to axe 1,600 jobs in overhaul of drug R&D". Reuters. 18 March 2013. Retrieved 24 May 2014. 
  28. ^ "AstraZeneca cuts UK headcount and moves to Cambridge". Times Higher Education. 19 March 2013. Retrieved 24 May 2014. 
  29. ^ "AstraZeneca to cut 2,300 more jobs". USA Today. 21 March 2013. Retrieved 24 May 2014. 
  30. ^ Sandle, Paul (15 October 2013). "AstraZeneca buys oncology-focused Spirogen for up to $440 million". Reuters. 
  31. ^ "AstraZeneca rejects Pfizer 'final' takeover offer, triggers major drop in shares". London Mercury. Retrieved May 20, 2014. 
  32. ^ "Alderley Park". AstraZeneca United Kingdom. Archived from the original on 15 February 2009. Retrieved 20 August 2010. 
  33. ^ "Research". AstraZeneca Sweden. Archived from the original on 13 August 2010. Retrieved 20 August 2010. 
  34. ^ AstraZeneca UK website. Retrieved 27 March 2005
  35. ^ "Executive directors' salaries 2009". Remuneration Report – AstraZeneca Annual Report 2008. AstraZeneca. Retrieved 22 August 2009. 
  36. ^ a b AstraZeneca boss David Brennan quits under pressure from investors The Guardian, 26 April 2012
  37. ^ Test results take precedence over ethics Svenska Dagbladet, 29 March 2009
  38. ^ Pharmaceutical Giant AstraZeneca to Pay $520 Million for Off-label Drug Marketing U.S. Department of Justice, 27 April 2010
  39. ^ "Drugmaker settles lawsuits over Seroquel". The Des Moines Register. Retrieved 1 March 2011. [dead link]
  40. ^ United States Patent 5,877,192 USPTO Patent Database, 11 April 1997
  41. ^ High Prices : The New Yorker
  42. ^ Lemke TL, Williams DA, Roche VF, Zito SW. Foye's Principles of Medicinal Chemistry, 7th edition, Chapter 12
  43. ^ "www.accessdata.fda.gov". 
  44. ^ "www.accessdata.fda.gov". 
  45. ^ Grill, Markus and Hansen, Hans (2007): "Vorsicht, Pharma! Wie die Industrie Ärzte manipuliert und Patienten täuscht." ('Caution, Pharma! How the industry manipulates physicians and deceives patients.') Published in the 16 August 2007 issue of Stern (Germany; pp. 100–107). Available as an e-paper here
  46. ^ Astra hauls ex-CEO Lars Bildman into court Business Week, 4 February 1998
  47. ^ AstraZeneca agrees to pay £505m to settle UK tax dispute, The Guardian 23 February 2010

External links[edit]