AstraZeneca (AZN) Rises; Advances MEDI-4736 to Phase II for Colorectal Cancer

AstraZeneca (NYSE: AZN) is ticking higher early Friday following news that the company moved its immuno-oncology medicine MEDI-4736 into a mid-stage study in colorectal cancer.

Reuters reported Friday that AstraZeneca will begin testing in 48 patients with advanced disease in a Phase II trial.

Many see MEDI-4736 as a blockbuster opportunity for AstraZeneca, given colorectal cancer is the third-largest, cancer-related cause of death in the U.S.

AstraZeneca is currently studying MEDI-4736 in head and neck cancer, as well as lung cancer.

Traders are keeping an eye on AstraZeneca given a recent $18 billion bid from Pfizer (NYSE: PFE) last May. While chatter has largely subsided, there is the potential for Pfizer to come back to the table should MEDI-4736 and other pipeline drugs show promised.

Shares of AstraZeneca are up about 2 percent in early trading.

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