AstraZeneca (AZN) and the University of Oxford have developed the Covid-19 vaccine, and it has gained approval in the United Kingdom. Vaccination is easier and cheaper to carry out than with other vaccines.
The Department of Health and Social Care of the UK government announced on Wednesday that, “It has been recommended by the Medicines and Healthcare Products Regulatory Agency to approve Oxford University/AstraZeneca’s COVID-19 vaccine for use by the Government.”
As Britain approved a COVID-19 vaccine developed by AstraZeneca (AZN) and Oxford University, European stocks edged higher on Wednesday, while chances of a strong global economic recovery next year were bolstered by forecasts of greater fiscal aid from the U.S. and massive vaccination campaigns.
As a result of the news, shares in AstraZenecajumped an initial 3.3% in anticipation. The healthcare sector giant has total of 70600employees and a Market capitalization of 130.26B. The stock was trading -3.56% away from its 20 day Simple Moving Average. The annual performance of the company was -0.22%in comparison with the weekly performance of 0.44%.
According to the manufacturer, the vaccine is approved for use in emergency situations. Currently, Britain is battling a highly contagious variant of the virus.
In another report, AstraZeneca (AZN) and Merck MRK reported that their PARP inhibitor, Lynparza (olaparib), has been authorized for the treatment of advanced ovarian, prostate and pancreatic cancers by the Japanese Ministry of Health, Labour and Welfare. Lynparza is approved to treat four types of cancer in some patient populations in the United States — ovarian, breast, pancreatic and prostate. Lynparza is approved in a number of other countries for all or some of these cancers. It is also being assessed in the earlier-line setting for the approved cancer indications.