AstraZeneca ticks up as FDA finally approves new drug

Shares in drug maker AstraZeneca (LON:AZN) had risen by 2.52% to 5,373p at 11:00 BST after the US Food and Drug Administration approved Lokelma, which is designed to treat high blood potassium levels, and submitted a new application in Japan for a diabetes treatment product.

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Lokelma was approved in the EU in March, but had previously been rejected twice by the FDA. It is primarily designed for use by those with chronic kidney conditions and patients taking heart medicines. Meanwhile, Forxiga is designed to act as an adjunct treatment to insulin for adults with type-1 diabetes.

No new information on the expected financial performance of either drug was published by AstraZeneca today.