AstraZeneca/Pozen's Vimovo combo drug cleared by US FDA, pushing US firm's stock up 21%; AZ expands deal with Targacept
USA-based Pozen saw its share price leap 21% to a 52-week high of $13.15 after, along with its partner, Anglo-Swedish drug major AstraZeneca, it revealed last Friday that the US Food and Drug Administration has approved their combination drug Vimovo (naproxen and esomeprazole magnesium) delayed-release tablets for the relief of signs and symptoms of osteoarthritis, rheumatoid arthritis and ankylosing spondylitis, and to decrease the risk of developing gastric ulcers in patients at risk of developing non-steroidal anti-inflammatory drug (NSAID)-associated gastric ulcers.
Triggers $20 million milestone for Pozen
As a result of the approval, the US company - whose shares experienced considerable volatility ahead of the FDA news - is due a $20 million milestone payment from AstraZeneca, Moreover, if the combination drug gains clearance in another region, the US firm will be eligible for a further $25 million from the UK-headquartered firm
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