AstraZeneca, Merck strike deal to advance cancer treatments
British pharmaceutical giant AstraZeneca and US peer Merck said Thursday they had agreed a multi-billion-dollar deal to jointly develop key cancer drugs. However, AstraZeneca shares tumbled 15 percent as investors fretted over disappointing trial results for its next-generation lung cancer treatment. Sentiment took another heavy blow on news that Astra's first-half sales were hurt by the loss of US patent protection on two blockbuster drugs. The Merck tie-up illustrates the growing prominence of oncology in the global pharmaceutical sector. "The strategic collaboration is expected to further increase the number of treatment options available to patients," Merck and Astra said in their joint statement. Merck will pay AstraZeneca up to $8.5 billion (7.2 billion euros) under the deal struck to develop and commercialise the drugs. Central to the agreement is "a global strategic oncology collaboration to co-develop and co-commercialise AstraZeneca's L...