AstraZeneca Shares Jump After FDA Approval
AstraZeneca led the FTSE 100 index after it’s anti-cholesterol drug Crestor recieved FDA approval.
According to the FDA, the drug causes no greater risk of developing muscle destruction than any other medicine of its kind. Crestor also cannot be related to kidney impairment.
AstraZeneca shares jumped 4.05% while the whole FTSE went up 0.44%.
According to Channel News Asia,
“AstraZeneca shares were upgraded to ‘neutral’ from ‘underperform’ by Swiss broker Credit Suisse First Boston, which said the move reflected a reduction of risk over the Crestor drug.
While the US regulatory risk had fallen, CSFB noted that commercial risk remained and argued that AstraZeneca should use the FDA review to underpin marketing and ‘get Crestor off the runway’.”
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