AstraZeneca PLC (NYSE:AZN) announced phase III study results for its well-known product for asthma, Symbicort. The study showed that the drug improves lung function in pediatric asthma patients aged six to twelve years. Results from CHASE 3 phase III study evaluated Symbicort (budesonide/formoterol fumarate dihydrate) Inhalation Aerosol 80/4.5 micrograms versus budesonide 80 micrograms, in pediatric patients.
The CHASE 3 study was conducted by the company after FDA asked for additional data on budesonide and formoterol, particularly regarding the impact of different doses, in pediatric asthma patients between six and twelve years of age.
AstraZeneca has been making significant progress with its pipeline. Promising pipeline candidates dealing with asthma include benralizumab for asthma and chronic obstructive pulmonary disease (COPD) and tralokinumab for asthma and atopic dermatitis.
AstraZeneca is working on bolstering its pipeline and is looking for suitable acquisitions and deals. In order to strengthen its respiratory portfolio, AstraZeneca acquired rights to Allergan plc’s (NYSE:AGN) branded respiratory business in the U.S. and Canada in Mar 2015.
In May 2016, AstraZeneca acquired Takeda Pharmaceutical Company Limited’s (OTC:TKPYY) core respiratory business, thereby gaining global rights to Daliresp/Daxas
In Feb 2014, AstraZeneca boosted its diabetes portfolio by acquiring Bristol-Myers Squibb Company’s (NYSE:BMY) global diabetes business.
Last week the company reported its third-quarter 2016 results with core earnings of $1.32 per American Depositary Share, comfortably beating the Zacks Consensus Estimate of 48 cents.
AstraZeneca currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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