Investors who held faith in AstraZeneca (AZN) after the failure of trials for lung cancer drug Mystic have been rewarded. The US Food and Drug Administration (FDA) has approved Lynparza, the ovarian cancer drug it has developed in conjunction with US giant Merck (US:MRK).
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Trials of Lynparza showed a 70 per cent reduction in the risk of cancer worsening in certain types of ovarian cancer. Despite this, shares were down more than one per cent in early trading, likely in response to Cinven and Bain’s $4.1bn (£3.19bn) takeover of German pharma company Stada (ETR:SAZ), which sent shares in drugmakers down sharply on Friday morning.
