AstraZeneca PLC (LSE:AZN) has pulled a marketing authorisation application for its key lung cancer drug in the European Union.
FTSE 100-listed AstraZeneca noted on Tuesday that it had voluntarily withdrawn the application for Dato-DXd (datopotamab deruxtecan) after feedback from the Committee for Medicinal Products for Human Use of the European Medicines Agency.
The experimental precision drug, developed with Japan's Daiichi Sankyo, had been granted a breakthrough therapy designation in the US earlier this month.
Disappointing trial data around the drug, which had faced high hopes, has repeatedly hit AstraZeneca’s share price though.
Results most recently in September showed that the drug did not significantly improve overall survival results for patients.
AstraZeneca has laid out targets to generate US$80 billion (£63.7 billion) in revenue by 2030, with this largely contingent on its oncology drugs, such as datopotamab.
Shares were flat at 10,452p.
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