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AstraZeneca to raise stake in Circassia to up to 19.9 percent

Published 24/04/2018, 07:38
© Reuters. A sign is seen at an AstraZeneca site in Macclesfield
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LONDON (Reuters) - British pharmaceutical company AstraZeneca (L:AZN) said it would subscribe for more shares in Circassia (L:CIRCI) by injecting cash into the respiratory drug specialist to take its stake to a maximum of 19.9 percent from 14.2 percent.

Circassia plans to use the additional funds, up to $45 million, to pay for research and development costs which it owes to AstraZeneca under the pair's development and commercialisation agreement, which they agreed to amend.

© Reuters. A sign is seen at an AstraZeneca site in Macclesfield

AstraZeneca first invested in Circassia in March 2017, backing the company's products, Tudorza, a bronchodilator, and Duaklir, a combination drug which is in late stage development in the United States.

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