AstraZeneca has been presented with the annual ICAEW Corporate Development Award for its effective use of mergers and acquisitions and contributions to the global economy and world health.

The pharmaceutical company received the accolade at an event held by the Institute’s Corporate Finance Faculty at Lincoln’s Inn in London yesterday, which also featured speakers including Andrew Griffith MP – an ICAEW member and Economic Secretary to the Treasury, who has played a key role in delivering the government’s proposed Edinburgh Reforms – and Stephen Welton, Chair of the British Business Bank.

AstraZeneca was given the award for the value it added for shareholders through its effective M&A strategy following the acquisitions of TeneoTwo, Neogene Therapeutics and CinCor Pharma last year.

Shaun Grady, Senior Vice President, Business Development, at AstraZeneca, said: “Successful deal making in life sciences relies on high performing teams executing with pace and purpose on a clear, coherent strategy. This prestigious award from the ICAEW recognises that collaboration across multiple disciplines in our deal teams and a collective drive to follow the science and undertake smart decision-making are essential ingredients to advance innovation and ultimately improve health outcomes for patients.”

The award was presented to AstraZeneca by Alistair Brew, Chair of the Corporate Finance Faculty, and Andrew Rutherford from asset-based lending specialist Arbuthnot.

The annual prize recognises a London-listed company for its successful use of M&A to increase growth and shareholder value and outperform the market, using a methodology devised by the ICAEW Corporate Finance Faculty in partnership with Bayes Business School.

David Petrie, ICAEW Head of Corporate Finance, said: “AstraZeneca’s strategic acquisitions last year not only demonstrate how having an effective M&A strategy can add value, but can save thousands of people’s lives as well, so I congratulate them on their well-deserved victory.

“It is fantastic to see a company with strong roots in Britain at the forefront of medical research. AstraZeneca’s achievements highlight how effective capital markets are vital when it comes to accessing funding and building a successful acquisition strategy.”

Petrie also took the opportunity to pay tribute to Andrew Griffith and the crucial role he continues to play in driving forward the Edinburgh Reforms, a package of measures that aim to increase the attractiveness of the City as a place to do business. 

Having identified the financial services sector as one of five key growth sectors, the Chancellor set out a package of regulatory and tax announcements on 9 December 2022. The Edinburgh Reforms are a set of 30 policy initiatives designed to support the government’s vision for an open, sustainable, technologically advanced financial services sector that is globally competitive. 

They comprise the government’s plans for financial services regulation in the UK, including for capital markets. The plans also take in reform initiatives already underway, such as those recommended in, or relating to, the UK Listings Review, on which the faculty engaged with members and policymakers throughout 2022. 

“We were pleased to have the Minister attend and address the Faculty. We’re firmly behind measures from the government designed to preserve and develop the UK’s capital markets and to ensure London remains a global leader in financial services,” Petrie said.

The annual reception celebrates excellence in corporate finance and provides an opportunity for networking for senior corporate finance representatives working across business, deals advisory, regulation, public policy and academia.