The recent drug development disappointments for AstraZeneca prompted several Wall Street analysts to tell Bloomberg News that they expect the company to look at acquiring other companies in the future.
AstraZeneca is based in London, but has a U.S. headquarters in Wilmington and a factory in Newark, Del. AstraZeneca bought MedImmune, Inc., in 2007 for about $15.2 billion.
The schizophrenia drug Seroquel faces patent expiration and cholesterol drug Crestor faces competition. The setbacks were in experimental drugs for diabetes, ovarian cancer and depression, prompting Credit Suisse’s Luisa Hector to rate the stock as "underperform."
“They are gradually running out of options,” Hector said, according to Bloomberg.