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AstraZeneca eyes sale of research projects-paper

Mon Feb 11, 2008 2:42am EST

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STOCKHOLM, Feb 11 (Reuters) - AstraZeneca Plc (AZN.L) (AZN.ST) is discussing a potential sale of large parts of its early research into gastrointestinal diseases, a Swedish newspaper reported, citing unidentified sources.

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The Anglo-Swedish drug maker was discussing a possible divestment of initially four to five research projects with venture capital firms as well as companies in the drug industry, Swedish business daily Dagens Industri reported.

AstraZeneca was not immediately available for comment.

As an alternative to a divestment, which could be worth more than 1 billion Swedish crowns ($153 million), the group was considering splitting out the gastro-intestinal research in a separate firm, the paper reported without disclosing its sources.

The new company might then be sold to venture capital firms for a subsequent stock exchange listing, the paper added. (Reporting by Niklas Pollard; Editing by Paul Bolding)

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