iNVEZZ.com, Wednesday, November 26: AstraZeneca Plc (LON:AZN) has posted positive results from a late-stage study of its psoriasis treatment brodalumab, co-developed with Amgen (NASDAQ:AMGN).
AstraZeneca’s share price has been little changed at the opening bell in London this morning, having added 0.04 percent to 4,678.00p as of 08:02 GMT.
*h*Psoriasis drug update*h*
AstraZeneca announced in a statement yesterdaythat a pivotal, multi-arm Phase III trial evaluating two doses of its brodalumab drug in more than 1,800 patients with moderate-to-severe plaque psoriasis, had met the primary endpoints when compared with both Johnson & Johnson’s (NYSE:JNJ) drug Stelara and placebo.
Today’s statement comes after earlier this month the two companies unveiled upbeat results from another late-stage testing evaluating brodalumab. (AstraZeneca share price: Group posts upbeat psoriasis drug results)
The Anglo-Swedish drugmaker noted in today’s statement that the late-stage trials had formed the basis for a regulatory filing for the psoriasis treatment scheduled for next year.
In May AstraZeneca forecast potential brodalumab sales of between $500 million (£315 million) and $1.5 billion (£944 million) in 2023, as part of its defence against Pfizer Inc’s (NYSE:PFE) takeover approach.
*h*Pfizer return prospects*h*
In a separate development, today marks the expiry of the UK takeover panel cooling-off period, meaning that Pfizer is allowed to return with a new bid for the Anglo-Swedish company. Senior bankers and industry figures canvassed by the Financial Times have put the chances of that happening at around 10-20 percent, the newspaper has reported.
Last week, Neil Woodford, whose Woodford Investment Management firm is a top 20 shareholder in AstraZeneca, said that he saw a 50/50 likelihood of Pfizer approaching the FTSE 100 pharma group with a new offer. (AstraZeneca share price: Company reaffirms revenue target of $45bn by 2023)
*h*Analysts on AstraZeneca*h*
As of November 22, the consensus forecast amongst 67 polled investment analysts covering AstraZeneca for the FT suggests that investors should hold their position in the company.
Analyst Ratings Network notes that the Anglo-Swedish drugmaker currently has a consensus ‘hold’ rating and an average price target of 4,423.71p.
As of 09:01 GMT, Wednesday, 26 November, AstraZeneca plc share price is 4673.50p.
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