Not content with fulfilling its decade-long $45bn sales target, AstraZeneca is now preparing for Act 2: a new 10-year 'cycle of growth'.

As the rollout of volume-based procurement to more products brings more pain, drug makers are exploring different China strategies. One indicator, though, is clear - local innovation and distribution can’t be ignored anymore.

A bumper December of licensing transactions and acquisitions involving biotech companies brought the feelgood factor back to the sector. But while big spending in the run-up to Christmas may not dent pharma’s credit cards, it might crimp its investors’ dividends.

The company is advancing a Phase II candidate in the closely watched and competitive category of oral GLP-1 receptor agonists for diabetes and weight loss.