By Dow Jones Business News,
June 03, 2014, 04:55:00 AM EDT
LONDON-- AstraZeneca issued an upbeat update on its cancer treatment pipeline on Tuesday in its first drug disclosure
since rejecting a $120 billion takeover bid from Pfizer Inc.
The company cited the potential value of its cancer drugs in development as one of the reasons for rejecting the
approach and they form a key part of its efforts to increase sales by 75% by 2023.
Among the data presented in recent days at an American Society of Clinical Oncology, or ASCO, meeting in Chicago,
AstraZeneca said it could file for U.S. regulatory approval for its AZD9291 lung cancer drug as early as the first
quarter of 2015 after trials yielded positive results. It said 94% of patients using the drug in a trial had their
tumors shrink or become stable.
The U.K.-based drug group also said its immuno-oncology research is "developing at a rapid pace."
"We have compelling new data on important mid- to late-stage assets, which clearly demonstrate our potential to
transform the way cancer is treated and the right people to move them forward," said Chief Executive Pascal Soriot. "We
remain resolute in our ambition to bring these next-generation cancer medicines to patients as fast as possible," he
Last month AstraZeneca rejected a $120 billion takeover bid from Pfizer, saying the offer undervalued its drug
pipeline. It predicted sales of more than $45 billion by 2023, up dramatically from last year's revenue of $25.7
billion, as it faces the prospect of revenue loss from patent expirations.
Write to Ed Ballard at email@example.com
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