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UPDATE: AstraZeneca's Imfinzi meets improved survival goal in Pacific study

AstraZeneca PLC's experimental immunotherapy Imfinzi met a crucial goal of extending life in patients with hard-to-treat non-small cell lung cancer in a late-stage study, further advancing the Cambridge, England-based company's ambitions in the highly competitive field of immuno-oncology.

Results from an interim analysis of the closely watched Pacific trial showed that Imfinzi, which has already demonstrated progression-free survival and gained U.S. regulatory approval on that basis, was better than placebo in extending the lives of patients whose tumor could not be surgically removed and whose disease had not progressed after chemotherapy and radiation therapy.

AstraZeneca is banking on a handful of pioneering cancer medicines to drive growth at the U.K.'s second-largest pharmaceutical company, as older so-called blockbuster drugs like cholesterol pill Crestor lose patent exclusivity.

Under CEO Pascal Soriot, the group has made huge advances in the IO field, with Imfinzi estimated to be three years ahead of its closest competitors even after a mixed set of results in 2017. All eyes are now focused on the overall survival data from the Mystic trial, expected in the second half of 2018, after Imfinzi in combination with tremelimumab failed to show progression-free survival.

"Whilst we still have to wait to see details of the absolute benefit, this should further reinforce Imfinzi's leading position in this setting," Jefferies analyst Ian Hilliker wrote in a note to clients.

Hilliker, who rates AstraZeneca a "buy," estimates peak sales of $1.5 billion for Imfinzi in this setting.

Berenberg's Alistair Campbell said consensus estimates are for Imfinzi to reach sales of $2.8 billion by 2023 and the overall survival benefit is not likely to change these numbers.

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Imfinzi is approved in the U.S. and Canada for treating patients with inoperable, stage 3 lung cancer that had not progressed following chemotherapy and radiation. The drug is under regulatory review in the European Union, Japan and other jurisdictions with expected decisions in the second half of 2018.

Lung cancer is the leading cause of cancer death among both men and women, accounting for about one-third of all cancer deaths.