Successful trials of a new anti-cancer drug saw AstraZeneca’s share price jump 9% on Friday (May 12), reaching a high of 5,202 before easing back to 5,176 at the end of the day.
The rally took AstraZeneca shares to their highest point in a month, providing a welcome relief for the pharma sector.
Earlier in the week shares in Hikma Pharmaceuticals fell nearly 10% after its generic version of the GSK drug Advair Diskus was turned down by the US Food and Drugs Administration (FDA).
The new AstraZeneca drug, Imfinzi, is a human monoclonal antibody that binds to a tumour and provokes a response from the body’s immune system, destroying the cancer.
It is the first time this type of drug has been used successfully to treat patients with lung cancer who had not responded to chemotherapy and radiation therapy.