AstraZeneca's (AZN) virtual iMed Oncology division signs an R&D deal with Korea Health Industry to identify early stage projects suitable for funding. The twelve most promising proposals will be chosen for development.
The company formed iMed in 2012 as it eliminated 2,200 R&D jobs in an effort to cut costs and increase efficiency. Replacing the large centrally-located bureaucratic structure is a small in-house staff that interacts remotely with collaborators and contractors around the world.
iMed's initial success in neuroscience prompted the move into oncology.