AstraZeneca names Ericsson's Johansson as chairman

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The appointment of Gothenburg-born Johansson, pictured, is a strengthening of the Swedish half of Astra's roots, but its urgent focus will be on the US, the world's biggest medicine market.

There, Astra's heartburn drugs Nexium and anti-psychotic Seroquel both fall out of patent in 2014. Together, the pills bought in revenues of more than $10 billion (£6.27 billion)
last year.

Investors will hope Johansson - who is to take the helm in September when incumbent Louis Schweitzer retires - can steer Astra through perhaps the toughest time in its history.

The company has suffered a series of pipeline setbacks, making a $380 million writedown in December after two of its major new drugs failed to hit targets in late-stage clinical trials, as well as suffering the consequences of major patents running out.

Unlike some of its rivals, Astra has avoided a push into over-the-counter medicines and other consumer goods.