AstraZeneca’s (LON:AZN) share price has advanced in London this Monday as one of its diabetes treatments was recommended for marketing authorisation in the European Union. The news marks a boost for the Anglo-Swedish drugmaker which has bet on new medicines in several therapy areas to propel growth going forward.
As of 11:05 BST, AstraZeneca’s share price had added 0.53 percent to 7,205.00p, outperforming the broader UK market, with the benchmark FTSE 100 index having fallen into negative territory and standing 0.65 percent lower at 7,205.00 points. The group’s shares have added more than 27 percent to their value over the past year, as compared with about a 2.6-percent fall in the Footsie.
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Qtrilmet recommended for EU approval
AstraZeneca announced in a statement this morning that its Qtrilmet modified-release tablets have been recommended for marketing authorisation in the European Union for the treatment of adults with type-2 diabetes. The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) based its positive opinion on data from five late-stage trials which evaluated combinations of Forxiga (dapagliflozin) and Onglyza (saxagliptin) on a background of metformin in patients with inadequately-controlled T2D.
Qtrilmet is already approved in the US under the name Qternmet XR as an adjunct to diet and exercise to improve glycaemic control in adults with T2D.
Today’s update comes after AstraZeneca moved to amend a deal with Ironwood to take control of Linzess, a new treatment for patients with irritable bowel syndrome with constipation, in mainland China, Hong Kong and Macau.
Analysts on Anglo-Swedish drugmaker
JPMorgan Chase & Co, which rates the blue-chip pharma group as a ‘buy,’ set a target on the AstraZeneca share price at 7,900p. According to MarketBeat, the Anglo-Swedish drugmaker currently has a consensus ‘hold’ rating and an average valuation of 7,050p.