31st Jan 2014 11:52
LONDON (Alliance News) - Durgs giant AstraZeneca PLC has abandoned any scientific effort to search for new medicines to tackle many of the world?s deadliest diseases by shutting down its drug discovery work into neglected tropical diseases, tuberculosis and malaria, The Times reports Friday citing the company.
Britain?s second-largest drugs company has decided that infectious diseases are ?not a priority? as Pascal Soriot, its chief executive, cuts costs and scrambles to halt a slide in profits, The Times said.
The company is closing a laboratory in Bangalore that was set up with investment of USD40 million in 2003 and focuses on the often slow, costly fight against contagious illnesses.
In an announcement released to Indian media only, the company disclosed that this was part of a group-wide change in policy, the Times reported.
AstraZeneca shares were down 0.7% at 3,846.50 pence Friday morning.
http://www.thetimes.co.uk/tto/business/industries/health/article3991082.ece
By Steve McGrath; [email protected]; @stevemcgrath1
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