AstraZeneca and Nomura Phase4 Ventures have signed a deal to form Albireo, a Swedish company focused on developing new treatments for gastrointestinal (GI) disorders. 

The spinout is a result of AstraZeneca’s decision to concentrate on Nexium (esomeprazole magnesium) and internal GI research focused on gastroesophageal reflux disease.

Albireo has secured one clinical and several preclinical GI programs from AstraZeneca. It will be financed by a syndicate of growth capital firms. The company has raised $27 million in its first closing and anticipates receiving up to $40 million in a Series A financing round.