After spending at least $7 billion for late-stage assets in 2012, AstraZeneca plc believes it now has sufficient value in its Phase II/III pipeline to restore long-term growth. The attention of business development is now turning to early stage assets and discovery collaborations with biotech and academics.

Following a six-month review, new CEO Pascal Soriot last month announced his plans to return AZ to recurring growth after clinical setbacks and patent expiries led to declining revenues in 2012.