A day after its shares slumped following two drug trial disappointments, AstraZeneca has announced moves to bolster its pipeline of new products.
It has signed deals with two Asian companies, although the drugs involved are both in the very early stages.
Firstly Astra said it would co-develop Volitinib, a cancer treatment from Hutchison China MediTech, for which it will pay $20m upfront. Hong Kong-based Chi-Med will get up to $120m if the drug is successful, plus more if it reaches certain milestones and from royalty payments.
Astra has also bought options on a possible new class of diabetes drugs from Japan's Astellas Pharma.
So after falling 44p on Tuesday, Astra shares have edged up 5.5p to 2910.5p. Meanwhile Chi-Med has jumped 62p to 325p.
