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Europe pharma stocks take fall

European stocks have fallen today in the wake of drug test failures announced by Actelion and AstraZeneca

European stocks have fallen today in the wake of drug test failures announced by both Actelion and AstraZeneca.

Europe's largest biotech Actelion fell 8 per cent after its haemorrhage drug clazosentan failed in a late-stage study, lessening the chances of it making it to market.

AstraZeneca lost 1.5 per cent after the company's experimental prostate cancer pill zibotentan failed to improve survival in a late-stage clinical trial, dealing a fresh blow to its oncology pipeline.

"We've seen a bit of a pause for breath today and it seems like the market is running out of a bit of steam," said Joshua Raymond, markets strategist at City Index.

27th September 2010

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