AstraZeneca shares rose this morning in the aftermath of the US approval of its new blood cancer drug.
The positive sentiment appeared to offset the impact of disappointing results reported today from an asthma treatment candidate.
US approval for its new blood cancer drug came serveral months earlier than forecast.
The US Food and Drug Administration (FDA) signed off Calquence as a treatment for certain patients with a rare type of blood cancer, known as mantle cell lymphoma.
AstraZeneca has previously claimed that the treatment, also known as acalabrutinib, could eventually bring in revenues of around $5bn per year.
AstraZeneca acquired acalabrutinib when it purchased a majority stake in Acerta Pharma around two years ago. Under the terms of the deal, it must now pay the firm $1.5bn as regulatory approval has been granted, in addition to the $2.5bn upfront payment it made in 2015.
On the negative side, AstraZeneca revealed it had received disappointing trial results for its severe asthma drug candidate tralokinumab.
The company said the drug had not achieved “statistically significant” outcomes in treating patients with severe asthma.
AstraZeneca agreed a $115m deal with Leo Pharma to manufacture and supply tralokinumab last summer though the drug was originally trialled for treating skin disease.
AstraZeneca shares were trading 1.4% higher this morning.