Investors welcomed a series of positive updates on AstraZeneca’s lung cancer treatments.
Results of a study showed that the pharmaceutical giant’s drug Tagrisso, a tablet taken once a day, in addition to chemotherapy slowed the progression of the disease by almost nine months.
The combination also reduced the risk of disease progression or death by 38 percent compared to simply taking the drug alone.
As a result, the US Food and Drug Administration has approved the treatment, meaning AstraZeneca’s drug can be used alone or in combination with chemotherapy for patients suffering from advanced lung cancer.
AstraZeneca also reported encouraging results from another study showing the positive impact Tagrisso had in treating patients with lung cancer when used after chemoradiotherapy.
Trial success: AstraZeneca’s lung cancer drug Tagrisso, a tablet taken once a day and used alongside chemotherapy, slowed the progression of the disease by almost nine months
And in a third update, the company said an antibody drug it is developing with Japanese pharmaceutical company Daiichi Sankyo to treat lung cancer was close to receiving approval from U.S. regulators.
Susan Galbraith, executive vice president of oncology R&D at AstraZeneca, said: ‘Sometimes people are too nihilistic about lung cancer. If you diagnose it early, you can make a difference in this disease.”
AstraZeneca wants about half of all lung cancer patients to be eligible for its treatments by 2030.
Sean Conroy, analyst at Shore Capital, said that while the announcements were “largely expected, they all incrementally help make the 2030 ambition look more achievable.”
Shares in the pharmaceutical group rose 3.2 percent, or 324p, to 10,418p. With US markets closed for Presidents’ Day, trading in London was at a standstill.
The FTSE 100 managed to rise 0.22 percent, or 16.79 points, to 7,728.50 and the FTSE 250 only managed to rise 0.13 percent, or 24.97 points, to 19,216.90.
Anglo American is to cut 3,700 jobs in South Africa – about a fifth of its workforce – after profits plummeted due to a fall in metal prices.
Craig Miller, CEO of the mining giant’s platinum division, said it was “important to understand that this is a decision made as a last resort for the company.”
Manufacturers are being hampered by falling demand as the shift to electric cars replaces the need for the metals used to make catalytic converters in combustion engine vehicles. Shares fell 1.3 percent, or 24.2p, to 1778p.
Struggling music company Hipgnosis Songs Fund is set for a High Court showdown with its investment adviser and former boss, who is accused of stealing the idea for the company.
The London-listed company has asked Merck Mercuriadis, which founded the group in 2018, to cover the costs of a possible settlement that could arise from the claims filed against it in court last year.
He is said to have taken the idea from a fellow executive in the music industry.
But Hipgnosis said Mercuriadis, who is defending the claims, has insisted the allegations are “baseless” and has refused to do so.
The fund is taking him to the Supreme Court to secure a legally binding commitment. Shares fell 0.2 percent, or 0.1p, to 66p.
Rolls-Royce shares hit their highest level since February 2019. The stock – which has more than tripled in value since Tufan Erginbilgic took over as CEO last year – rose 3.4 percent, or 10.9p, to 334, 2p.
British Gas owner Centrica moved in the opposite direction after its rating was downgraded by analysts at Jefferies and Citigroup over concerns about operating costs. Shares fell 6 percent, or 8.3p, to 130.8p.