- AstraZeneca said it had hired Jose Baselga as the head of a new oncology-focused R&D unit as part of a wider organisational restructure.

The company said it would create two separate R&D units, focused on biopharmaceuticals and oncology, respectively.

Baselga was most recently physician-in-chief at Memorial Sloan Kettering Cancer Center and professor of medicine at Weill Cornell Medical College.

The biopharmaceuticals R&D unit would be headed up Mene Pangalos, who was previously responsible for the company's innovative medicines and early development biotech unit.

AstraZeneca's commercial functions would also be split between biopharmaceuticals and oncology, with Ruud Dobber heading up the former and Dave Fredrickson leading the latter.

'We are entering what we expect will be a period of sustained growth for years to come, which is why we have decided to more closely align our R&D and commercial operations,' chief executive Pascal Soriot said.

'This new structure will support growth and sharpen the focus on our main therapy areas, speeding up decisions and making us more productive in our mission to bring innovative medicines to patients.'

At 1:38pm: [LON:AZN] AstraZeneca PLC share price was -62.5p at 6026.5p

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