8th May 2014 12:17
LONDON (Alliance News) - AstraZeneca PLC said Thursday that it had initiated its Phase III immunotherapy study for the compound MEDI4736 for the treatment of non-small cell lung cancer.
The study will assess progression-free survival and the overall survival rate of patients treated with the compound to a placebo, in patients with an advanced, unremovable non-small cell lung cancer that have been treated with chemoradiotherapy.
"Lung cancer is still the leading cancer killer; there is a clear need for more treatment options to provide patients with a better chance of beating the disease," said Executive Vice President of Global Medicines Development Briggs Morrison in a statement. "We believe MEDI4736, and immunotherapies more broadly, hold the potential to shape the future of cancer treatment."
The pharmaceutical company is currently tackling a second takeover approach from Pfizer Inc, and has asked its shareholders to hold tight as it expects to see strong growth starting in 2017.
Pfizer, known for making viagra, made an offer of GBP50 per share last Friday valuing it at GBP63 billion. AstraZeneca, which had already dismissed a previous offer from Pfizer as undervaluing it, rejected the second offer on the same grounds. On Tuesday it set out its defence, reaffirming that it expects revenue to return to 2013 levels in 2017, and then it expects revenues to more than double over the five years after that.
It expects revenue to reach more than USD45 billion by 2023.
AstraZeneca, like many pharmaceutical companies, has struggled as its key drugs faced generic competition and it failed to refresh its maturing pipeline. However, AstraZeneca has said it will accelerate the development of its pipeline as part of its defence that it should remain independent.
Shares in AstraZeneca were trading up 1.5% at 4,699.00 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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