Astrazeneca shares fall as Crestor study backfires
Drug developer AstraZeneca’s has failed to establish that its best selling cholesterol fighter is better than Pfizer’s Lipitor.
AstraZeneca PLC’s cholesterol drug Crestor has not been able to prove its superiority over Pfizer Inc.’s Lipitor, in a study intended to prevent plaque buildup in heart arteries. With generic Lipitor versions ready to hit the market on Nov. 30, analysts opine that it would be a challenging task for AstraZeneca to institute Crestor’s efficacy over generic Lipitor.
In a study conducted to compare the drugs in high-risk patients with hardening of the arteries, both drugs were found to be equally effective.
With the release of the preliminary results on Friday, AstraZeneca’s U.S. shares plummeted over 2 percent.