) recently announced long-term safety data from a phase III study
(KODIAC-08) evaluating the use of naloxegol (25 mg once daily) in
non-cancer related pain and opioid-induced constipation (OIC).
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The open-label, randomized, 52-week, long-term safety study,
compared naloxegol with the usual care, a currently available
laxative for OIC. No significant difference was found between
naloxegol and usual care in terms of serious side effects.
However, adverse events like abdominal pain, diarrhea, nausea and
headache were found to be more frequent in patients on naloxegol.
In Nov 2012, the company presented data from two randomized,
placebo controlled phase III KODIAC studies (KODIAC-04 and -05)
and an open-label, randomized, placebo-controlled long-term
safety study (KODIAC-07).
In KODIAC-04, both naloxegol doses (12.5 mg and 25 mg) achieved
the primary endpoint. However, in KODIAC-05, although the 25 mg
dose achieved the primary endpoint, the 12.5 mg dose failed to do
so. The candidate was found to be safe.
AstraZeneca plans to submit regulatory applications for naloxegol
in the US and EU in the third quarter of 2013. AstraZeneca had
licensed the candidate from
) in Sep 2009.
We believe that AstraZeneca's pipeline must deliver since many of
its drugs are facing/likely to face generic competition. Generic
competition has adversely impacted AstraZeneca's revenues over
the past few quarters. 2013 is expected to be a challenging year
for AstraZeneca. The company expects mid-to-high single-digit
decline in revenues in 2013 primarily due to generic erosion of
Seroquel IR and Crestor (in Canada) revenues.
AstraZeneca carries a Zacks Rank #3 (Hold). However, other large
cap pharma stocks such as
Eli Lily and Company
) currently look more attractive with a Zacks Rank #2 (Buy).