A committee of the European Medicine Agency (EMA) has issued a positive opinion for AstraZeneca’s (LON:AZN) Bevespi Aerosphere treatment for chronic obstructive pulmonary disease (COPD). The news marks a boost for the Anglo-Swedish pharmco which is counting respiratory drugs as one of its key therapy areas expected to propel the company’s sales going forward.
AstraZeneca’s share price has climbed higher in London in today’s session, having gained 0.61 percent to 5,914.00p as of 13:34 BST. The stock is outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.27 percent higher at 7,046.05 points. The group’s shares have added more than 14 percent to their value over the past year, as compared with about a 6.2-percent dip in the Footsie.
Positive opinion for Bevespi Aerosphere
AstraZeneca announced in a statement today that EMA’s Committee for Medicinal Products for Human Use (CHMP) had adopted a positive opinion, recommending the marketing authorisation for its Bevespi Aerosphere therapy in a pressurised metered-dose inhaler as a maintenance dual bronchodilator treatment to relieve symptoms in adult COPD patients.
“Bevespi Aerosphere is the only fixed-dose long-acting muscarinic antagonist/long-acting beta2-agonist that is delivered in a pressurised metered-dose inhaler,” Dr Colin Reisner, Head of Respiratory, Global Medicines Development, commented in the statement. AstraZeneca noted that the therapy is approved in the US, Canada and Australia as a dual bronchodilator for the long-term maintenance treatment of COPD.
Analysts on Anglo-Swedish drugmaker
JPMorgan Chase & Co reaffirmed AstraZeneca as an ‘overweight’ today, without specifying a valuation on the shares. According to MarketBeat, the FTSE 100 drugmaker currently has a consensus ‘buy’ rating and an average price target of 5,772.32p.
Earlier this week, the blue-chip drugmaker’s chairman signalled that the company will keep a freeze on manufacturing investments in the UK in the case of a lack of clarity over the country’s exit from the European Union.