The agreement follows last week's deal with Pfizer.
AstraZeneca PLC looks poised to announce a deal with U.S. President Donald Trump that's focused on lowering drug prices, in a move that would see the British drugmaker follow in the footsteps of Pfizer Inc.
The Trump administration and AstraZeneca have reached an agreement for the U.K.-based pharmaceutical giant to cut drug prices in the U.S., MSNBC reported. President Donald Trump has already agreed to a similar pact with Pfizer, which will sell discounted drugs to Medicaid patients through a website called TrumpRx.gov.
AstraZeneca PLC (LSE:AZN, NASDAQ:AZN) said its experimental drug baxdrostat met the main target in a late-stage study for patients with resistant hypertension. Specifically, it showed a “statistically significant and highly clinically meaningful” reduction in blood pressure compared with a placebo.
AstraZeneca said on Tuesday its drug Baxdrostat met the main goal in a late-stage study in patients with treatment-resistant high blood pressure, or hypertension.
AstraZeneca said on Monday its precision drug Datroway improved overall survival and progression free survival in patients with an advanced form of breast cancer versus chemotherapy in a trial when given early during treatment.
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AstraZeneca shares rallied on Wednesday after the U.K. giant and its Japanese partner said the Food and Drug Administration was reviewing one of its drugs to treat breast cancer.
Shares in the UK's biggest drug companies led the way on Wednesday, following news overnight that the US government had agreed its first deal on "most favoured nation" drug pricing with Pfizer. Topping the FTSE 100, Hikma Pharmaceuticals PLC (LSE:HIK, OTC:HKMPF) shares jumped 4% in early trading, with AstraZeneca PLC (LSE:AZN, NASDAQ:AZN) and GSK PLC (LSE:GSK, NYSE:GSK) rising 3.6% and 1.4%.
AstraZeneca is delisting its American Depositary Receipts from the Nasdaq, replacing them with a direct listing of ordinary shares on the New York Stock Exchange. At first blush, it confirms fears first aired when, in July, The Times reported that CEO Pascal Soriot wanted to move AZ's stock market listing to the U.S.
AstraZeneca's move to upgrade its listing in the U.S. risks pulling liquidity away from London's stock market and could pave the way for other large companies to follow suit, analysts, investors and advisers said.
AstraZeneca said on Monday that it will now directly list its shares on the New York Stock Exchange, instead of the current depository shares, adding that it will continue to be listed and headquartered in the UK.