Karo Bio's cholesterol-lowering product may lead to its acquisition

NEW YORK Pharmaceutical giants desperate to reinvigorate their pipelines may set their sights on a Swedish biotech Karo Bio that has developed a medicine for lowering cholesterol, according to Bloomberg.

Pfizer’s chief executive officer, Jeffrey Kindler, has said the company is looking for alliances with biotech companies to pad its fortunes against the 2011 expiration of its patent on Lipitor. But neither Pfizer nor AstraZeneca, another company that some have speculated could take over Karo, has commented on the matter.