AstraZeneca shares rallied on Tuesday after company revealed it had received approval from the European Union for its Lynparza drug.
The British-Swedish pharmaceutical company said the drug, which has been developed to treat advanced ovarian cancer, will become available in the EU thanks to the approval.
Dave Fredrickson, Executive Vice President, Oncology Business Unit, commented:
“This approval sets the stage for a new standard of care in the EU for women with ovarian cancer and a BRCA mutation. The goals of front-line therapy have always been long-term remission and even cure, yet currently 70% of patients relapse within three years of initial treatment. The progression-free survival benefit of Lynparza observed in SOLO-1 represents a major step forward in our ambition to help transform patient outcomes.”
AstraZeneca is listed on the London Stock Exchange, as well as the New York Stock Exchange and the OMX Exchange.
The firm was formed following the merger of Astra AB, a Swedish company and UK-based Zeneca Group.
The company develops various pharmaceutical drugs to treat gastrointestinal issues as well as cancer and respiratory issues. It is a constituent of the FTSE 100 Index.
Shares in AstraZeneca (LON:AZN) are currently trading +2.48% as of 13:59PM (GMT).