Sector movers: Drugs progress boosts Pharma stock

1st Sep 2009 11:12

Positive updates from two big hitters have given the pharmaceuticals sector a shot in the arm. AstraZeneca is one of the FTSE 100's best performers after announcing it is to press ahead with plans to submit its ticagrelor drug, Brilinta, for regulatory approval in the fourth quarter of 2009 after positive results from a major trial.Shire is higher after saying it has completed a new drug application (NDA) for velaglucerase alfa, its enzyme replacement therapy in development for the treatment of Type 1 Gaucher disease, with the US Food and Drug Administration (FDA).Dechra Pharmaceuticals, which focuses on the veterinary sector, upped its dividend by 10% as it reported a 38% rise in full-year profit, but the shares are slightly lowerDrug developer Skyepharma is a sharp faller after saying its US launch of asthma treatment Flutiform will be delayed for two years at least after the US Food and Drug Administration insisted on more data on dosing.Marine services firm James Fisher is weighing down the industrial transportation sector after saying it has received £18m as part of a pre-delivery funding agreement after its submarine rescue service for the Republic of Singapore Navy became operational.Top performing sectors so far todayPharmaceuticals & Biotechnology 8,395.18 +1.11%Tobacco 22,836.63 +0.87%Beverages 6,896.07 +0.37%Mobile Telecommunications 3,048.63 +0.19%Bottom performing sectors so far todayIndustrial Transportation 1,904.66 -3.72%Banks 4,911.29 -3.16%Forestry & Paper 3,063.37 -3.13%Industrial Metals 4,409.26 -3.07%Mining 15,975.67 -2.93%