13th May 2014 07:38
LONDON (Alliance News) - AstraZeneca PLC Tuesday announced positive results from its late-stage study of combination treatment saxagliptin and dapagliflozin for the treatment of type 2 diabetes, for patients whose condition was no adequately controlled by the generic diabetes drug metformin.
The Phase III study showed that patients treated with the combination treatment, in addition to metformin, saw a significant reduction in glycated haemoglobin, a key indicator of the control of diabetes.
AstraZeneca will begin a Phase III trial for type 1 diabetes treatment dapagliflozin during 2014.
The positive results come ahead of AstraZeneca's hearing with the House of Commons' Business, Innovations and Skills Committee over the potential takeover of AstraZeneca by US drugmaker Pfizer Inc Tuesday.
Both AstraZeneca Chief Executive Pascal Soriot and Pfizer Chief Executive will be called upon to give evidence about the potential takeover, alongside evidence from trade unions.
Both chief executives will also give evidence on Wednesday to the Science and Technology committee, alongside the Minister for Universities and Science David Willetts.
AstraZeneca rejected Pfizer's second approach earlier this month, an offer of GBP50 per share which would value AstraZeneca at GBP63 billion, saying it significantly undervalued its business. The company has appealed to shareholders not to take action, reiterating last Tuesday that it expects its revenue to return to 2013 levels in 2017, and expects revenues to more than double over the five years after that.
Early Tuesday, Pfizer made a final effort to convince AstraZeneca, releasing a statement saying it is "keen to engage with the AstraZeneca board" and noting it had been disappointed by the board's lack of engagement.
"Constructive engagement may lead to a transaction that AstraZeneca can recommend. Pfizer will continue to be disciplined on price," Pfizer said in the statement.
On Monday, AstraZeneca also announced a selection of positive data from mid-stage trials from its biological research and development arm MedImmune's respiratory, inflammation and autoimmune portfolio. It also said it would announce Phase IIb data for its asthma treatments benralizumab and tralokinumab at the upcoming American Thoracic Society 2014 International Conference in San Diego on May 16 to 21.
Shares in AstraZeneca were trading up 1.4% at 4,672.50 pence Tuesday morning, shortly after market open.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Astrazeneca