AstraZeneca Plc AZN has decided to leave a U.S. drug lobby group, the Pharmaceutical Research and Manufacturers of America (PhRMA), making it the third company to leave the group in the last six months.
The European company's exodus follows AbbVie Inc ABBV and Teva Pharmaceutical Industries Ltd TEVA exit from the influential trade group.
The news was first reported by Politico.
AstraZeneca decided not to continue its membership after a recent assessment of whether it was "the most productive and effective use of (company) resources," Politico reported citing AstraZeneca's spokesperson.
PhRMA also confirmed AstraZeneca would be leaving the trade group, telling STAT News that it plans to continue "pushing reforms that protect innovation and make healthcare more accessible and affordable for all Americans."
Noting PhRMA's separate emailed statement, Reuters reported that AstraZeneca had decided not to renew its membership for the second half of 2023.
AstraZeneca will redirect the funds previously used on its PhRMA membership to continue U.S. advocacy efforts with state and federal policymakers, its statement read.
Price Action: AZN shares are up 0.27 at $75.48 premarket on the last check Wednesday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.