According to Fierce Biotech's report today, AZ CEO Pascal Soriot stated that AZ will continue to solicit development partnerships from fellow big pharma players -- like earlier deals this year with Bristol-Myers Squibb and Amgen. Soriot also reminded analysts and investors that their is no magic wand and that any turnaround of AZ's recent fortunes will be slow and painful.
The collaborations approach is designed to give AZ a chance at creatng new drugs while sharing the financial risk (and upside) with partners. Followers of AZ know that it currently has one of the worst pipelines in the industry and has had a series of spectacular failures in phase III with nary a new drug reaching the market.
Soriot says, "We are executing with ups and downs..People expect change immediately but the cycles are very long in our industry. You can only put your head down". That's better than its head being up somewhere like in the past decade....
Posted by Bruce Lehr June 24th 2013.