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AstraZeneca shares hit a new high yesterday after US regulators fast-tracked approval of its blockbuster cancer drug, Imfinzi.
The pharmaceutical giant rose 2.1 percent, or 264 pence, to 13.166 pence, raising its valuation to 202 billion pounds.
It came as expected to receive priority review from the Food and Drug Administration (FDA) for the treatment of certain patients with small cell lung cancer, which is highly aggressive.
Astrazeneca rose 2.1%, raising its valuation to £202bn. This week, the pharmaceutical giant became the first UK company to be valued at more than £200bn.
Imfinzi blocks a cancerous tumor’s ability to evade and weaken the immune system and stimulates the body’s immune response against cancer, offering an alternative to chemotherapy.
The FDA decision date is expected during the fourth quarter of 2024.
The update was another boost for Astra, which this week became the first UK company to be valued at more than £200bn.
The milestone was described as a “pat on the back” for chief executive Pascal Soriot, 64, who has been hailed for reviving the company’s fortunes.
It has also pioneered new treatments, with Astra providing Covid vaccines and boosting its drug pipeline.
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