AstraZeneca Plc (AZN) said an experimental cancer drug shrank tumors in half of patients in an early-stage study, a result that may help its case that Pfizer Inc. (PFE)’s takeover bid substantially undervalues the company. The drug, called AZD9291, is designed to help patients with a gene mutation found in 15 percent of Caucasian patients with non-small cell lung cancer, and 40 percent of Asians. If approved, it could generate more than $2.2 billion by 2025, said Seamus Fernandez, a Leerink Partners analyst in Boston.
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