Benzinga | Nov 10, 2021 06:56AM EST

AstraZeneca Plans To Set Up Separate Division For Vaccines & Antibody Therapies - Report

* AstraZeneca plc (NASDAQ:AZN) is reportedly creating a separate division for vaccines and antibody therapies, primarily to focus on its COVID-19 shot and coronavirus treatments after a shaky start during the pandemic.

* Related Link: AstraZeneca Looking At Potential Options for COVID-19 Vaccine Business: Reuters.

* The new division will combine R&D, manufacturing, and commercial and medical teams.

* Iskra Rei, currently executive vice-president for the Europe and Canada region, will lead the new unit.

* "The team will be dedicated to our COVID-19 vaccine, our long-acting antibody combination, and our developmental vaccine addressing multiple variants of concern, as well as to our existing portfolio for a respiratory viral disease," AstraZeneca's representative said.

* The move comes after the COVID-19 vaccine (Vaxzevria) witnessed several setbacks, including manufacturing problems, concerns over a very rare blood clotting side effect, and disputes over data underpinning its efficacy.

* AstraZeneca will report its third-quarter earnings on Friday, November 12, and has delivered more than 1.9 billion doses of its far cheaper shot.

* Price Action: AZN shares are up 0.77% at $63.18 during the premarket session on the last check Wednesday.