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Hopes rise for AstraZeneca cancer drug with start of new trial

Reuters - UK Focus

LONDON, Aug 29 (Reuters) - Hopes for AstraZeneca (NYSE: AZN - news) 's promising cancer drug pipeline were boosted on Friday by news the company had moved its immuno-oncology medicine MEDI-4736 into a mid-stage study in colorectal cancer.

The drug, which is designed to help the immune system fight tumours, will be tested in 48 patients with advanced disease in the Phase II trial, according to an update on the website clinicaltrials.gov (http://www.clinicaltrials.gov/ct2/show/NCT02227667?term=MEDI-4736&rank=6)

Analysts at UBS (NYSEArca: FBGX - news) said the move opened up "a potentially multi-blockbuster opportunity", given that colorectal cancer is the third leading cause of cancer-related deaths in the United States.

Shares (Frankfurt: DI6.F - news) in AstraZeneca rose 2.3 percent by 0815 GMT, outperforming a 0.6 percent gain in the European drugs sector .

British-based AstraZeneca fended off a $118 billion takeover attempt by Pfizer (NYSE: PFE - news) in May, although there is speculation the U.S. drugmaker may yet be back. (Reporting by Ben Hirschler. Editing by Jane Merriman)