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AstraZeneca Plans Spin-Offs

AstraZeneca announced faster-than-expected progress of its experimental cancer drugs and plans to spin off billions of dollars of non-core assets as it staked a claim for independence following reports of bid interest from Pfizer.The British firm declined to comment on Thursday about a weekend newspaper report it had spurned a 60 billion pound ($101 billion) bid approach from Pfizer earlier this year.Instead, Chief Executive Pascal Soriot said he remained focused on sharpening AstraZeneca's portfolio, and as part of that unveiled plans to sell or partner infection and neuroscience units with combined sales of $3.5 billion in 2013.The drugs sector is in the grip of a wave of deal-making as firms strive to build up their best businesses and exit weaker ones, as highlighted by a multibillion-dollar asset swap between Novartis and GlaxoSmithKline.AstraZeneca, battling to reverse a slide in profits due to patent losses, also said it would advance four important experimental medicines into l...

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  2. U.S. futures look for direction

    FBN’s Maria Bartiromo on U.S. futures and the $25 billion in Novartis deals.

  3. European markets up

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  8. Novartis Announces Multi-Billion-Dollar Revamp

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  9. Stock Futures Steady Amid Raft of Health M&A

    FOX Business: Capitalism Lives HereU.S. stock-index futures were little changed on Tuesday as traders eyed a slew of merger activity in the pharmaceutical sector. To...

  10. Wall Street Ticks Up as Traders Parse News Deluge

    FOX Business: Capitalism Lives HereU.S. stocks inched higher on Tuesday as traders reviewed a flood of corporate earnings and deal news.Today's MarketsAs of 9:32 a.m...

  11. M&A Buzz Boosts Markets

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  12. Drug Stocks Drive European Markets Higher

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  1. Zimmer to Buy Biomet In $13.35B Deal

    Medical device maker Zimmer Holdings Inc said it would buy orthopedic products company Biomet Inc in a deal valued at about $13.35 billion to broaden its portfolio o...

  2. What the GSK, Novartis Deal Means for Biotech

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  3. What to expect from pharma

    Robert W. Baird & Co. senior analyst Brian Skorney on what investors can expect from pharma in the second quarter.

  4. Pharma Deal Frenzy: A Bid to Boost Profits

    High-priced pharmacy deals are all the rage this year as big drug companies stung by patent expirations attempt to offset losses and reduce risk and costs by joining...

  5. Amgen Slumps After 1Q Earnings Miss

    Amgen (NASDAQ:AMGN) said Tuesday its first-quarter profit dropped 25% amid lower-than-expected sales for the biopharmaceutical firm.The company reported net income o...

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  7. Big news in pharma

    Altaira senior managing director Ralph Acampora on the Novartis M&A news and the landscape for pharmaceuticals.

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