AstraZeneca (LON:AZN) shares soared by five percent this morning, sending the group to the top of the FTSE 100 on Friday morning.
The increase in shares was following successful trials of the new cancer drugs. Durvalumab, under the brand name Imfinzi, underwent the phase three trial and showed a significant reduction in the risk of disease worsening or death among patients with stage 3 non-small cell lung cancer.
“These are highly encouraging results for patients with locally advanced lung cancer for whom surgery is not an option. We look forward to working with regulatory authorities around the world to bring Imfinzi to lung cancer patients as soon as possible. Alongside this, we continue to explore Imfinzi’s full potential” said Sean Bohen, the AstraZeneca chief medical officer.
AstraZeneca is exploring the potential of treatment from Imfinzi alone, as well as combining it with the drug tremelimumab. Results of the trial will be released later this year.
“Alongside this, we continue to explore Imfinzi’s full potential as monotherapy as well as in combination with tremelimumab and other medicines in areas of continued unmet need across multiple types of cancer.” continued Bohen.
The results of the trials are a boost for the pharmaceutical company, who hope the drug will become a blockbuster drug generating billions of dollars in sales each year.
Next steps for AstraZeneca will be to monitor the patients to see if they survive and how long for, whilst comparing it to other patients who have been given a placebo.
Shares were up five percent at £49.84 this morning.
While shares in AstraZeneca were the biggest risers in the FSTE 100 this morning, shares in Entertainment One (LON:ETO) fell 0.7 percent after it announces news it would take a £47 million one-off charge to cover the cost of “reshaping” its film unit.