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AstraTech Dental Implants

AstraTech Dental Implants - AstraZeneca is stepping up a drive to wring value out of the business with plans to sell its Astra Tech dental implants and medical devices unit for some $2 billion.

Industry analysts said the move demonstrated management's focus on boosting returns as the group heads into a wave of patent expires on some of its biggest-selling medicines.

The sale, equivalent to around 3.4 times last year's sales, would free up cash that could be put to use for increased share buybacks or small-scale acquisitions in the core pharmaceuticals operation.

"It shows there are hidden pockets of value in the business," says Panmure Gordon analyst Savvas Neophytou, who was already expecting AstraZeneca to increase share buybacks in 2011 while it is still generating plenty of cash.

AstraZeneca has hired JP Morgan Chase to help sell the Swedish unit, according to a source familiar with the situation. The London-based drugmaker declined to comment.

Astra Tech, best known for dental implants, also sells catheters, breathing aids and blood management systems used in surgery. It employs around 2,200 staff and had sales last year of 3.9 billion Swedish crowns ($588 million).

The business is not core to AstraZeneca's operations and the company has considered a sale in the past. Analysts said the climate for a disposal now looked favorable, with deal activity picking up in the medical devices sector on the back of ample funding.

AstraTech Dental Implants
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