Credit: Reuters/Phil Noble
A man walks past a sign at an AstraZeneca site in Macclesfield, central England May 19, 2014.
The drug, which is designed to help the immune system fight tumors, will be tested in 48 patients with advanced disease in the Phase II trial, according to an update on the website clinicaltrials.gov ( here)
Analysts at UBS said the move opened up 'a potentially multi-blockbuster opportunity', given that colorectal cancer is the third leading cause of cancer-related deaths in the United States.
Shares in AstraZeneca rose 2.3 percent by 0415 ET, outperforming a 0.6 percent gain in the European drugs sector.
British-based AstraZeneca fended off a $118 billion takeover attempt by Pfizer in May, although there is speculation the U.S. drugmaker may yet be back.
(Reporting by Ben Hirschler. Editing by Jane Merriman)
