UPDATE: AstraZeneca Seroquel Gets EU OK For Bipolar Disorder
Thursday November 13rd, 2008 / 9h36
(Adds details, analyst comment) By Elena Berton Of DOW JONES NEWSWIRES LONDON -(Dow Jones)- AstraZeneca PLC (AZN) Thursday said the use of its antipsychotic drug Seroquel has been extended in the European Union to treat bipolar disorder, potentially bringing in new sales for the company's second-best selling product. Both Seroquel and Seroquel XR, the once-daily formulation of the drug, have been approved for the treatment of this serious mental illness, which causes severe mood swings. This follows the October approval of Seroquel XR in the U.S. The approval for bipolar disorder is a useful addition that will underpin the drug's sales momentum, said Evolution Securities analyst Peter Cartwright, who has an add recommendation on the stock. The news underpinned AstraZeneca shares in early Thursday business. The stock has gained nearly 30% in value over the past 12 months, and at 0815 GMT traded 0.6% higher at 2,807 pence in a lower London market. Seroquel XR is the slow-release version of Seroquel, which was first launched in 1997 for the treatment of schizophrenia and has become the Anglo-Swedish drugmaker's second-best selling product with sales of $4.03 billion in 2007. With Seroquel losing patent protection in September 2011, the London-based pharmaceutical company hopes to switch patients to its extended release once-daily version of the drug. Seroquel obtained approval through the so-called "mutual recognition" procedure, which allows drugmakers to obtain marketing authorization in one European member state and have that decision recognized in other states. AstraZeneca said it will seek to obtain local approvals with the 17 member states that take part in the mutual recognition procedure. Company Web site: www.astrazeneca.com -By Elena Berton, Dow Jones Newswires; 44 20 7842 9267; elena.berton@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=1bP0hrf3cEF8XItNaEuUZQ%3D%3D. You can use this link on the day this article is published and the following day.
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