PFE - 2023 Will Go Down As The Year Pharma Showed Its Determination To Beat Cancer | Benzinga
During the last week of 2023, AstraZeneca PLC (NASDAQ: AZN) agreed to acquire Chinese cancer therapy developer Gracell Biotechnologies Inc. as it continues its efforts to tap pharma innovations from China’s biotech industry. Although this year, Covid-19 stars, namely Pfizer Inc (NYSE: PFE) and Moderna Inc (NASDAQ: MRNA), were left in the dust with their shares tumbling, Wall Street is expecting a rebound as both are making efforts to enhance their cancer treatment businesses.
AstraZeneca’s Newest Acquisitions
AstraZeneca agreed to acquire the cell therapy developer for as much as $1.2 billion. Oncology is the British drug giant’s biggest business. Last year, it made a third of its sales with its lung cancer treatment Tagrisso under the spotlight. AstraZeneca also holds key drugs in cardiovascular health and immunology, but even "rare disease” drugs made almost 16% of its top line last year. These so-called orphan drugs are margin-boosting specialty products due to their higher prices and exclusivity, so it is only natural that AstraZeneca continues to go deeper into this area, which also includes its purchase of rare-disease therapies from Pfizer Inc (NYSE: PFE). Back in September, AstraZeneca completed the purchase and license agreement for early-stage rare-disease gene therapy portfolio from Pfizer for a total consideration of $1 billion. Also, several ...