AstraZeneca Pharma receives nod for cancer drug Durvalumab; stock soars 12%

The uptick in AstraZeneca share price came after the company announced that it has received permission to import for sale and distribution of Durvalumab 120 mg/2.4 mL and 500 mg/10 mL sol from CDSO.

AstraZeneca Pharma stocks rally: Stocks of pharmaceutical company AstraZeneca Pharma were buzzing in trade on Tuesday, September 24, 2024. The stock of AstraZeneca surged up to 11.90 per cent to hit an intraday high of Rs 7,549.95 per share. 

Meanwhile, the stock’s 52-week high is 7,550 per share. 

The uptick in AstraZeneca share price came after the company announced that it has received permission to import for sale and distribution of Durvalumab 120 mg/2.4 mL and 500 mg/10 mL solution for infusion (Imfinzi) from the Central Drugs Standard Control Organisation, Directorate General of Health Services, Government of India.

In an exchange filing, AstraZeneca Pharma said, “This is to inform that AstraZeneca Pharma India Limited has received permission to import for sale and distribution of Durvalumab 120 mg/2.4 mL and 500 mg/10 mL solution for infusion (Imfinzi) from the Central Drugs Standard Control Organisation, Directorate General of Health Services, Government of India.”

 

Durvalumab (IMFINZI) in combination with chemotherapy as neoadjuvant treatment, followed by IMFINZI as monotherapy after surgery, is indicated for the treatment of patients with resectable (tumours 4 cm and/or node positive) NSCLC and no known epidermal growth factor receptor (EGFR) mutations or anaplastic lymphoma kinase (ALK) rearrangements, the company said.  

The receipt of this permission will pave the way for the launch of Durvalumab 120 mg/2.4 mL and 500 mg/10 mL solution for infusion (Imfinzi) in India for the specified additional indication, subject to the receipt of related statutory approvals, if any, the company added.

AstraZeneca is a British-Swedish multinational pharmaceutical and biotechnology company, formed in 1999 through the merger of Sweden's Astra AB and Britain's Zeneca Group. 

The company is dedicated to developing and selling innovative medicines across various therapeutic areas, including cancer, cardiovascular diseases, gastrointestinal issues, infections, neuroscience, respiratory conditions, and inflammation.

With a major presence in India for 45 years, AstraZeneca employs over 3,800 people in the country. 

AstraZeneca Pharma India Limited (AZPIL) oversees manufacturing, sales, and marketing operations, while the company also gained global recognition for its role in developing the Oxford–AstraZeneca COVID-19 vaccine

Leveraging data science and artificial intelligence, AstraZeneca claims to enhance the success rates and efficiency of its research and development processes.

The market capitalisation of AstraZeneca Pharma is Rs 18,837.50 crore, according to BSE. The company falls under the BSE500 category.

At 10:10 AM, stocks of AstraZeneca were trading 11.69 per cent higher at Rs 7,535 per share. In comparison, BSE Sensex was trading 0.07 per cent higher at 84,985.40 levels.