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AstraZeneca mulls Astra Tech spin-out

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AstraZeneca plc (NYSE:AZN) is shopping around its Astra Tech business.

The pharmaceutical giant said it’s begun a review of "strategic options" for its Swedish dental and medical device unit and hired JP Morgan Chase to help with the review.

Various news outlets reported that AstraZeneca is looking for about $2 billion for the business, which develops and markets dental implants and urological and surgical medical devices, according to the company.

"AstraZeneca continues to evaluate all alternatives for value maximisation from this business and any final decision will only be made when the results of the review have concluded. During the period of this review, AstraZeneca remains committed to supporting Astra Tech’s business, customers and stakeholders," the company said in a prepared statement.

AZN shares were off about 1 percent, down 48 cents to $48.74 in afternoon trading.

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