Healthcare Sector Update: June 1, 2011

Financial News Network
June 02, 2011 AT 9:06 PM
Health care shares are down in mid-day trading while Pfizer's (NYSE:PFE) application for a key kidney cancer drug is accepted by European regulators. The company announced that the European Medicines Agency has accepted the company's filing for regulatory approval application of its kidney cancer drug, axitinib, for patients with advanced renal cell carcinoma after failure from prior systemic treatment. Meanwhile, ADRs of AstraZeneca (NYSE:AZN) are down even as Reuters reports Canadian regulators have approved the company's new heart drug Brilinta. The approval is a step forward for the drug, which faces an uncertain approval future in the US because American patients taking it in a pivotal clinical trial appeared to do better on a rival drug Plavix.