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** Pharma about to be perceived as a growth sector again,driven by drug discoveries & accelerated US FDA approvals, saysOld Mutual Global Investors' Simon Murphy, who has bought morePharma stocks in recent months
** After wave of patent losses on blockbuster products(peaked 2 yrs ago), cos recovering ability to bring new medicineto market; drug approvals in 2014 by US FDA highest in 18 yrsdriven by new treatment for cancer & rare disease [D:nL6N0UE2C1]
** Murphy flags AstraZeneca as particularly wellplaced in emerging field of immuno-oncology, which helps body'sown immune cells fight tumours. PM's biggest positions are inAZN & Shire
** PM flags Shire's strong balance sheet & cash generation,says more add-ons should keep growth story going; co focuses onADHD & rare diseases (niche diseases not enough of profit pullfor Big Pharma but can make difference to Shire given its size)
** Holds BTG, resembles Shire earlier in cycle; hascore cash-generative anti-venom business & some royalties fromwhich co recycling cashflow into Interventional Medicine whichPM says will grow quickly e.g. Varithena
** GlaxoSmithKline, which sold immuno-oncologyproducts as part of Novartis asset swap & no longerreally at forefront of new discovery, is PM's least preferred insector; holds stock which sees as quite cheap with very gooddivi yield
** Murphy manages Old Mutual UK Equity Fund & Old Mutual UKOpportunities Fund; stocks held in both funds (RM: tricia.wright1.thomsonreuters.com@reuters.net)
