AstraZeneca spins off new biotech company

AstraZeneca has created a new biotech company centered around six autoimmune disease treatments.

The $250 million company, called Viela Bio, will own three clinical and three pre-clinical compounds. One of the treatments targets a rare illness that impacts the optic nerve and spinal cord. The deal does not include a drug developed to treat lupus called anifrolumab, which is in final-stage clinical testing. 

The move comes as AstraZeneca looks to streamline its portfolio and shed non-core assets. But AstraZeneca will remain the largest minority stakeholder in the new company. 

Read the full Reuters report.