Mighty AstraZeneca Takes a Lickin' on Failed Mystic Trial
When AstraZeneca (NYSE: AZN) spurned overtures from Pfizer (NYSE: PFE) to combine in one of the biggest merger deals of all time, it told investors not to worry. It had plenty of irons in the fire that could fuel significant increases in sales, profit, and share price.
At the time, a lot of AstraZeneca's confidence was due to a new cancer drug -- Imfinzi -- and Imfinzi's potential to rack up billions of dollars in sales as a first-line treatment for previously untreated non-small cell lung cancer (NSCLC). Unfortunately, that confidence appears misplaced, following news that Imfinzi failed to improve progression-free survival in AstraZeneca's Mystic trial, dashing chances for a speedy approval from the U.S. Food and Drug Administration.
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Source: Fool.com
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