Shares of AstraZeneca Pharma India Ltd. rallied up to 13% during Tuesday's trading session, reaching an intraday record high of ₹7,598. The surge follows a significant approval from the Central Drugs Standard Control Organisation (CDSCO) for the import and distribution of Durvalumab, a key cancer treatment drug.
With this latest jump, the stock has gained a remarkable 34% so far in 2024 and has surged over 70% in the last 12 months.
The approval from CDSCO allows AstraZeneca Pharma India to introduce Durvalumab 120 mg/2.4 mL and 500 mg/10 mL solutions to the Indian market. These solutions are designed for patients with NSCLC tumors (4 cm or node-positive) that do not have EGFR mutations or ALK rearrangements. The launch is still subject to related statutory approvals, but this is a major milestone for the company.
With the cancer drug approval, AstraZeneca’s share price surged further in the late trading hours, reaching ₹7,852.50, a 16.37% rise on the NSE. The stock's rapid rise indicates positive sentiment from investors and marks an incredible 70% gain over the past year.
AstraZeneca's success in securing approval for a key cancer treatment drug has not only bolstered its market performance but also opened new avenues for treating patients with advanced lung cancer in India. Investors are clearly optimistic about the company's future prospects.
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