AstraZeneca has moved higher after a successful trial of an experimental lung cancer drug.
The pharmaceutical group said Tagrisso has met its main goal in a late stage study of its efficacy and safety as a second line treatment for certain types of lung cancer. Tagrisso, which AstraZeneca hopes will be one of the key drugs to rebuild sales as older products lose patent protection, has already received early approval from US and European regulators.
The company says it wants to explore Tagrisso’s potential as a stand alone treatment and also in combination with other drugs. Shore Capital analyst Dr Tara Raveendran said:
Tagrisso and Lynparza (AstraZeneca’s PARP - poly ADP ribose polymerase -inhibitor) form part of AstraZeneca’s latest growth platform “New Oncology”, which was announced in February 2016 and alongside the five other growth platforms are important in bridging the earnings gap as the company hopes pipeline assets will deliver and contribute more meaningfully to growth.
AstraZeneca’s shares are currently up 10p at £45.12.
