Astex shares rise over cancer drug approval

Astex Pharmaceuticals rose the most in a month on expectations the developer of experimental cancer drugs will receive regulatory approval this quarter from Europe for its leukaemia treatment.

Astex surged 14 per cent to $2.73 in New York trading after gaining 17 per cent in the biggest intraday increase since July 20th. The shares of the California-based company had climbed 27 per cent this year before yesterday.

Last month, Astex said Janssen-Cilag International NV, which licenses its treatment outside the US, Canada and Mexico, was notified that a committee of the European Medicines Agency backed recommending approval of Dacogen. – (Bloomberg)