FDA fast track designation for AstraZeneca’s MEDI3902
Anglo-Swedish pharma major AstraZeneca’s (LSE: AZN) global biologics R&D arm, MedImmune has received fast track designation from the US Food and Drug Administration for its investigational monoclonal antibody (MAb) MEDI3902 for the prevention of nosocomial pneumonia caused by Pseudomonas aeruginosa, a highly drug-resistant bacterial pathogen that causes serious disease in hospitalized patients.
The FDA’s Fast Track program is a process designed to expedite the development and review of drugs to treat serious conditions and fill an unmet medical need.
This should have been positive news for AstraZeneca, but the company’s shares were down 5.4% to £43.315 on Tuesday on the back of the news of the US Treasury crack down on tax inversion deals by US companies. Investors were still expecting Pfizer to come back with a renewed bid for AstraZeneca after the cooling off period following its failed attempt to buy the UK-based firm.
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