Pharmaceuticals company AstraZeneca PLC (LON:AZN) shares rose after saying it has achieved positive results from two separate phase III trials of lung cancer drugs Imfinzi and Tagrisso.
The Pacific trial of Imfinzi showed an improvement in progression-free survival by 11 months compared with standard of care in patients with locally-advanced unresectable lung cancer.
Patients treated with Imfinzi also had a lower incidence of metastases, the development of new tumours, than those receiving placebo.
The trial is continuing to evaluate the other primary endpoint, overall survival.
Dr. Luis Paz-Ares, principal investigator of the PACIFIC trial, from the Hospital Universitario Doce de Octubre, in Madrid, Spain, said: "For patients with locally-advanced unresectable NSCLC (non-small cell lung cancer) who have completed chemoradiation therapy, Imfinzi represents a potential new treatment option in the context of clear unmet clinical need.
READ: Natixis upgrades AstraZeneca to ‘buy’ on prospect of positive results from key MYSTIC lung cancer trial
Tagrisso reduces risks of progression or death
The Flaura trial of Tagrisso in patients with and without brain metastases reduced the risk of progression or death by more than half.
The treatment also revealed median progression-free survival of 18.9 months, compared with 10.2 months for the current standard of care.
Sean Bohen, executive vice president, global medicines development and chief medical officer at AstraZeneca, said: “The Flaura data suggest early and sustained benefit with Tagrisso that has the potential to significantly impact long-term patient outcomes and help address the considerable unmet need that remains."
The results of the two trials were presented at the Presidential Symposium of the European Society of Medical Oncology (ESMO) in Madrid, Spain.
Shares rose 2.32% to 4,901p in early trading.
READ: AstraZeneca ovarian cancer drug approved for wider use
Deutsche Bank and Liberum welcome results
Deutsche Bank repeated a 'buy' rating and raised its target price to 5,600p from 5,300p, saying it views Esmo as a "turning point" for the company given its "very impressive" data from the Flaura and Pacific trials.
"These have been the highlight of the meeting and should secure the company's return to growth driven by its new oncology portfolio," the bank said.
The bank now expects the company's new oncology portfolio of Tagrisso, Lynparza and Imfinzi to add more than US$4.5mln in sales over fiscal years 2016 to 2020, underpinning its forecast for a return to earnings per share growth ahead of sector peers.
Liberum also reiterated a 'buy' rating and left its target price at 4,800p. It said the trials had beat already high expectations.
"The Flaura Tagrisso data delivered almost exactly what was expected at PFS (progression-free survival) but with the kicker of positive early overall survival trends."
"More importantly, in Pacific, the magnitude of the PFS benefit over placebo was truly impressive at over 11 months (much greater than the 7-9 months that we think was expected and is required to deliver the about US$1bn in estimates) with meaningful benefit across the PDL1 spectrum."