European regulators have given marketing authorisation to AstraZeneca’s (LON:AZN) oncology treatment Tagrisso, the blue-chip pharmco has said. The news marks a boost for the blue-chip drugmaker which counts oncology as one of its key therapy areas to propel growth.
AstraZeneca’s share price has slipped marginally into the red in today’s session, having given up 0.11 percent to 5,347.00p as of 13:44 BST. The stock is underperforming the broader UK market, with the benchmark FTSE 100 index having climbed into positive territory and currently standing 0.57 percent higher at 7,725.10 points. The group’s shares have added less than one percent to their value over the past year, as compared with about a 2.7-percent gain in the Footsie.
Tagrisso granted marketing authorisation
AstraZeneca announced in a statement today that the European Commission had granted marketing authorisation for osimertinib, marketed as Tagrisso, as monotherapy for the 1st-line treatment of adult patients with locally-advanced or metastatic non-small cell lung cancer (NSCLC) with activating epidermal growth factor receptor (EGFR) mutations. The approval was based on the results from a late-stage trial, and a subsequent positive opinion from the Committee for Medicinal Products for Human Use of the European Medicines Agency.
Dave Fredrickson, Executive Vice President, Head of the Oncology Business Unit at the blue-chip drugmaker, commented in the statement that the move marked another regional approval for Tagrisso in the 1st-line setting.
Today’s approval marks a boost for AstraZeneca which suffered a setback last month, with one of its prospective respiratory treatments failing in a late-stage trial for chronic obstructive pulmonary disease.
Analysts on Anglo-Swedish drugmaker
Both Citigroup and JPMorgan Chase & Co reaffirmed AstraZeneca as a ‘buy’ last week, without specifying price targets on the shares. According to MarketBeat, the blue-chip drugmaker currently has a consensus ‘buy’ rating and an average price target of 5,349.20p.