AstraZeneca insists Celgene deal about strategy, not cash

April 24, 2015 10:48 AM

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AstraZeneca insists Celgene deal about strategy, not cash

LONDON (Reuters) - AstraZeneca (AZN.L) is getting a $450 million windfall by letting Celgene (CELG.O) develop a prized immunotherapy drug for blood cancers but its chief executive insists the deal is about strategy, not cash.

Some investors are worried about the drugmaker's reliance on such "externalization" deals to fill a short-term revenue gap. Deutsche Bank analyst Richard Parkers said income from these agreements was of "questionable sustainability".

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