Drugmakers including Merck & Co , AstraZeneca Plc and AbbVie Inc said on Thursday they are open to acquisitions and reported a ramp up in research and development spending as the industry's larger players look for new sources of future revenue.
Chief Executive Robert Davis said that deal does not change the company's business development strategy.
A drop in valuation of smaller U.S. biotech companies from pandemic highs has made deals more attractive, andof top venture debt provider Silicon Valley Bank is expected to worsen a funding drought for those companies. for full-year 2023 revenue to $26.2 billion to $27.3 billion, from the previous outlook of $26 billion to $27.2 billion., which the company still expects to complete in the first half of this year.AstraZeneca beat first-quarter estimates as sales of Imfinzi and strong demand in ChinaThe Britain-based drugmaker re-emphasized its focus in China, aiming to seize the opportunity to treat patients as the country bounces back from a protracted period of severe COVID restrictions.
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