MARKET TALK: AstraZeneca's Drug FDA Backing Seen Consistent

29th Jul 2010 07:37

0637 GMT [Dow Jones] AstraZeneca's (AZN.LN) backing by US FDA panel for the use of Brilinta, a proposed anti-clotting drug, was consistent with expectations, says UBS, though contrasted with "market concerns of a split panel, a narrow label, and/or requirements for more trials before US approval." AstraZeneca is seeking FDA approval of the drug to prevent heart attacks and other cardiovascular problems in patients diagnosed with acute coronary syndrome. "We now raise our probability of Brilinta approval in the US to 90% and will update our $3B 2014 Brilinta forecasts (versus consensus at $1.7B) with our 2Q10 AstraZeneca model update," adds UBS. Has a buy rating and 4100p target price on the stock. Shares closed at 3202p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 29, 2010 02:37 ET (06:37 GMT)