A friend of mine at Ardea Biosciences in San Diego, CA just told me that most people are letting go this year and the whole subsidiary is getting dissolved. AZ acquired Ardea a while back and just sold their newly approved drug to Ironwood. More to come?
This is all part of the fire sale. This is standard Pascal. Burn through the cash to prop up revenue and share price, cash in stock options, sell off parts of the company to increase revenue when cash is gone, then slash and burn the sales force. Been there done that. Just a sequel to the movie he has made time and again.
Pfizer is buying Anacor for $4.5 billion. Anacor stock up 55% and their stockholders are partying in the streets while AZ stockholders got caught with a pig in a poke in Pascal the idiot. AZ stock down 73% since the rumor of a Pfizer buyout. DUH!!!!!
actually, AZN down about 30% since Pfizer. Maybe you should have bought Anacor since you post the same rant over and over again with your fuzzy math.
Gee I feel better now. My AZ stock is only down 30% while the rest of Pharma is up an average of 8% . I think it is party time. Closing buildings, outsourcing jobs, cutting the sales force and stock down 30%. What a wonderful record.
well for those of us sticking around, let's hope our share prices go up after Pascal cuts loose the $1b dead weight!
If it was going to go up, it would have already. Stock price is based on what investors believe is the future of the company not the past.
Well it is 50 cents above its historic lows set before the announcement of major cost cutting. Brilliant leadership pays huge dividends again for AZ. Evidently nobody is buying the spin that new products are on the way to save us.
We just bought ZS for 2.7 billion and our drug got rejected!!! Pascal needs to be fired. Why would you buy a drug without a FDA approval!!! Time to cut that division down
Old Frenchie is bulletproof ! But I don't care, because he is cool with my "work hours". Go frenchie!
We paid $1.2 billion for the gout drug from Ardea. We then paid to get this through ph3 and FDA approval process, just to turn around and sell it for $100 million and another $165 million when the fixed dose combo gets approved. Why didn't we just burn a billion dollars cash instead and have a big party?
