AstraZeneca Shares Surge 13% After Cancer Drug Approval; Hits Record

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AstraZeneca Shares Surge 13% After Cancer Drug Approval; Hits Record

The surge follows a significant approval from the Central Drugs Standard Control Organisation (CDSCO) for the import and distribution of Durvalumab, a key cancer treatment drug.

September 24th, 2024 News

Shares of AstraZeneca Pharma India Ltd. rallied up to 13% during Tuesday's trading session, reaching an intraday record high of ₹7,598. The surge follows a significant approval from the Central Drugs Standard Control Organisation (CDSCO) for the import and distribution of Durvalumab, a key cancer treatment drug.

With this latest jump, the stock has gained a remarkable 34% so far in 2024 and has surged over 70% in the last 12 months.

Key Highlights:

Stock Rally: Shares zoomed 13%, hitting a record high of ₹7,598.
Regulatory Nod: AstraZeneca Pharma India has received CDSCO approval for the import and distribution of Durvalumab.
Cancer Treatment: Durvalumab is used as a neoadjuvant treatment for patients with resectable non-small cell lung cancer (NSCLC). This treatment includes chemotherapy, followed by Imfinzi as a monotherapy after surgery.
Market Impact: The stock soared to ₹7,852.50 during late afternoon trading, marking a 16.37% increase on the NSE.

Durvalumab Approval: A Major Milestone

The approval from CDSCO allows AstraZeneca Pharma India to introduce Durvalumab 120 mg/2.4 mL and 500 mg/10 mL solutions to the Indian market. These solutions are designed for patients with NSCLC tumors (4 cm or node-positive) that do not have EGFR mutations or ALK rearrangements. The launch is still subject to related statutory approvals, but this is a major milestone for the company.

Market Momentum and Future Outlook

With the cancer drug approval, AstraZeneca’s share price surged further in the late trading hours, reaching ₹7,852.50, a 16.37% rise on the NSE. The stock's rapid rise indicates positive sentiment from investors and marks an incredible 70% gain over the past year.

Key Points Recap:

Stock Surge: AstraZeneca shares up by 13%, hitting a record high of ₹7,598.
CDSCO Nod: Approval granted for the import and distribution of cancer drug Durvalumab.
Cancer Treatment Potential: Durvalumab, combined with chemotherapy, is aimed at treating NSCLC.
Launch Prospects: The drug is expected to be launched in India soon, pending statutory approvals.
Stock Performance: The stock has gained 34% in 2024 and over 70% in the past 12 months.

AstraZeneca's success in securing approval for a key cancer treatment drug has not only bolstered its market performance but also opened new avenues for treating patients with advanced lung cancer in India. Investors are clearly optimistic about the company's future prospects.