Positive results from a trial looking into the cardiovascular benefits of a diabetes drug have sent AstraZeneca shares flying to record highs.
The phase 3 trial examined the effects of Farxiga on patients who had suffered reduced ejection fraction heart failure. According to the company, the drug reduced the rate of death or worsening heart failure by 26 percent.
The company’s executive vice president of biopharmaceuticals said the results were enough to demonstrate that Farxiga, which has already been approved to treat diabetes, should be given an indication for heart failure. One analyst noted that such an indication would provide a $1-4 billion market opportunity for the drug.
News of the study increased shares for AZ by 3.4 percent.
Read the full Wall Street Journal report.