AstraZeneca Falls 16% as Drug Trial Falters

AstraZeneca has fallen 16% in opening trading as the pharmaceutical company reveals that its latest lung cancer drug trial has not produced expected results

Emma Wall 27 July, 2017 | 9:18AM

Pharmaceutical giant AstraZeneca (AZN) has seen its share price fall 16% in opening trading as the company revealed disappointing initial results from the Mystic trial in stage four lung cancer.  

The drug company stated that the trial of its drug Imfinzi failed to meet thresholds required to deem it a success. The failure is being seen as a huge setback for the trial, and for Astra, which had been banking on the success of the drug in order to take market share in the immune-oncology market.

Sean Bohen, Chief Medical Officer at AstraZeneca, said: "While the results from the MYSTIC trial for progression free survival in first-line Stage IV non-small cell lung cancer compared with standard of care are disappointing, the trial was designed to assess overall survival and we look forward to evaluating the remaining primary endpoints of overall survival for both mono- and combination therapy."

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
AstraZeneca PLC7,066.00 GBX1.23

About Author

Emma Wall  is former Senior International Editor for Morningstar

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