AstraZeneca Delays BTG's CytoFab To 2015

29th Jul 2010 17:48

LONDON (Dow Jones)--U.K. drug maker AstraZeneca PLC (AZN.LN) Thursday said it will file an experimental sepsis treatment licensed from BTG PLC (BGC.LN) for marketing approval later than previously expected. The Anglo-Swedish drug maker said in a pipeline update released with its second-quarter results it expects to file CytoFab for approval in the U.S. and Europe in 2015. It previously said it expected to file it in 2014. An AstraZeneca spokeswoman said there will be a minor delay for additional work to strengthen the regulatory package. She added although the timeline has moved from 2014 to 2015, it isn't expected to be a full year's delay. A BTG spokesman said the company is pleased AstraZeneca is still committed to CytoFab. Keith Redpath, an analyst at brokerage FinnCap, changed his recommendation on BTG to "hold" from "buy" and cut his price target to 230 pence from 250 pence. Redpath said milestone payments linked to CytoFab's progress in clinical trials and eventual royalties on sales will now be delayed . BTG acquired CytoFab when it bought biotechnology company Protherics in 2008. AstraZeneca paid Protherics GBP16.3 million up front to license CytoFab in a 2005 deal worth up to GBP195 million if it proves successful, excluding royalties. The Anglo-Swedish drug maker also became a shareholder in Protherics. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; [email protected] (END) Dow Jones Newswires July 29, 2010 12:48 ET (16:48 GMT)