RE: Astrazeneca17 Nov 2018 22:09
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A big lung cancer trial at Astrazeneca has failed, delivering a setback for the pharmaceuticals company’s attempts to rebuild its drug pipeline.
Latest results from a late-stage clinical trial called Mystic showed that Imfinzi, the drug, did not improve overall survival rates compared with chemotherapy in patients with the most advanced form of the disease.
Mystic had become one of the most closely followed oncology trials, viewed as a symbol of the potential of Astrazeneca’s emerging drugs portfolio and as important to its future as an independent company.
However, its significance has diminished since July last year, when, after earlier results from the Mystic trial also disappointed, City analysts began to cut forecasts.
The importance of Mystic to the Anglo-Swedish company’s prospects has also lessened since it unveiled a series of successful clinical trial results and market launches, including in its cancer portfolio.
The potential new blockbusters in Astrazeneca’s pipeline have helped to put it on course to return to product sales growth for the first time in four years as it recovers from generic competition and diminished sales from old bestsellers, particularly Crestor, its anti-cholesterol statin.
Astrazeneca is based in Cambridge and is one of Britain’s leading pharmaceuticals companies, valued at about £79 billion on the London stock market.
Progress since the first Mystic setback last year had been a big boost for Pascal Soriot, the chief executive since 2012, who put Astrazeneca’s research and development at the heart of the company’s defence against a hostile takeover approach four years ago from Pfizer, an American rival. Mr Soriot reiterated last week that Astrazeneca was on track to deliver annual sales of more than $40 billion by 2023, a target that he set during the takeover battle.
Shares in Astrazeneca fell 113p, or 1.8 per cent, to £62.04 yesterday, but they remain up by a fifth this year, outperforming the premier share index and comfortably above the £55-per-share price that Pfizer offered.
The phase III Mystic trial was studying Imfinzi as a monotherapy and in combination with another drug against chemotherapy in previously untreated patients with stage IV metastatic non-small cell lung cancer. The study did not meet the primary target of improving overall survival compared with chemotherapy.
Sean Bohen, chief medical officer of Astrazeneca, said that the company was “disappointed that these results missed statistical significance”, but added: “We remain confident in Imfinzi as the cornerstone of our immuno-oncology programme and continue to evaluate its potential in ongoing non-small cell lung cancer trials, including Imfinzi and Imfinzi plus tremelimumab in combination with chemotherapy.”
Imfinzi is among a trio of new cancer drugs in Astrazeneca’s portfolio. It delivered $371 million of sales in its third quarter, boosting product sales by 9 per cent to $5.3 billion. It has be