AstraZeneca remodels its house

While it was a latecomer to partnering and M&A as a means of bolstering its pipeline, AstraZeneca plc under the stewardship of CEO David Brennan has sent a strong message to the market that it is open for business. On its 4Q call last week, the company provided a shopping list of areas it wants to grow from scratch, areas in which it wants to maintain a strong position, and areas it plans to walk away from.

The pharma backed that up by announcing three new deals designed to enhance its pipeline in two new areas and one where it plans to build on an existing franchise...