Astra pays up to $1.2 billion for arthritis drug

AstraZeneca waded into the competitive rheumatoid arthritis market on Tuesday by buying rights to Rigel Pharmaceuticals‘ next-generation drug R788 for up to $1.245 billion, Reuters reported.

The deal is a big vote of confidence in the Rigel product, known chemically as fostamatinib disodium, which failed one mid-stage Phase II study last

[New York Times]