UPDATE 1-Astra says exploring options for some R&D projects

(Rewrites with company comment)

STOCKHOLM/LONDON, Feb 11 (Reuters) - AstraZeneca Plc (AZN.L) said on Monday it was exploring options for some research projects but declined to confirm a newspaper report it might sell large parts of its early work on gastrointestinal diseases.

Swedish business daily Dagens Industri said the Anglo-Swedish drugmaker was discussing the initial divestment of four to five research projects with venture capital firms, as well as other companies in the drugs industry.

A sale could be worth more than 1 billion Swedish crowns ($153 million), the paper said.

"It is, at this point, speculation that we are not commenting on," a spokesman for AstraZeneca in London said.

"We continually look to ways to maximise the value of our R&D assets for patients and shareholders and explore a range of options on an ongoing basis," he added.

Gastrointestinal (GI) disease has long been a mainstay for AstraZeneca, whose best-selling medicine is the heartburn and ulcer pill Nexium.

But the company wants to refocus its research efforts and said in 2006 it had discontinued discovery efforts in certain areas of functional GI disorders and inflammatory bowel disease. It remains committed to Nexium, however, and to other opportunities in acid reflux disease.

As an alternative to an outright sale, Dagens Industri said AstraZeneca was also considering splitting out GI research into a separate firm. The new company might then win venture capital backing ahead of a subsequent stock exchange listing, the paper added without disclosing its sources. (Reporting by Niklas Pollard and Ben Hirschler; Editing by Paul Bolding/Rory Channing)