The chief executive of AstraZeneca, the Anglo-Swedish pharmaceutical group, has reiterated his opposition to large-scale acquisitions in spite of the intensifying pace of deals in the sector.

In an interview with the Financial Times, David Brennan expressed strong interest in small-scale licensing and the purchase of companies with products in development, but saw no need to join the recent round of “mega-mergers” that has left his company smaller and more isolated.