Pascal Soriot has set out a manifesto for AstraZeneca's continued independence by announcing the possible sale or spin-off of non-core units in the wake of speculation over a $100 billion takeover by Pfizer.

The French chief executive of Britain’s second-biggest pharmaceuticals group said the future of its neuroscience and anti-infection businesses was under review and he hoped to announce news “in the near future”.

Partnerships
Shares in AstraZeneca surged more than 3 per cent yesterday as investors welcomed the prospect of disposals or partnerships that analysts said could together be worth up to $15billion.

Mr Soriot also trumpeted an accelerating pipeline of new drugs and the first quarterly sales growth for more than three years in what amounted to an appeal to keep faith with his turnround efforts in the face of Pfizer’s interest.

It emerged this week that the US company made an informal approach to AstraZeneca late last year. Neither company has confirmed the talks, which people familiar with the matter said have since ended.

Mr Soriot refused to comment on the speculation, but insisted AstraZeneca remained “extremely committed” to the UK, where it is building a new research and development facility in Cambridge, and he highlighted the risks involved in mergers.

“Large acquisitions sometimes can work but sometimes they are very disruptive so I think we are better off focusing on what we do well and partnering in other areas,” he said.

Asset swaps
He said AstraZeneca was looking at options like the multibillion-dollar asset swap between Novartis and GlaxoSmithKline this week, in which the groups exchanged non-core units and formed a joint venture in consumer healthcare.

“You will see us focus on core areas and looking for collaborations and partnerships elsewhere,” said Mr Soriot, highlighting treatments for cancer, respiratory disease and cardiovascular conditions as top priorities. – Copyright 2014 The Financial Times Ltd