AstraZeneca has signed a seven-year £736m global IT outsourcing contract with IBM.

According to Gary Harwood, client executive at IBM, the agreement is among the first of a new breed of outsourcing agreements based on desired outcome or "service effect".

AstraZeneca will maintain control of its IT strategy but use joint governance boards so that IBM will determine how IT is delivered while AstraZeneca will have control over the broader IT infrastructure.

Other areas of joint collaboration drawing staff from both companies will include innovation and managing cultural and behavioural change to ensure both companies work well together.