AstraZeneca Share is a multinational biopharmaceutical company. The headquarters of the company is in Cambridge, England. The company was formed after the merger between Swedish Astra AB and the British Zeneca Group. It was founded in 1999 through this merger. The company has only grown since then. It has many drugs to its name that treat diseases like cancer, cardiovascular, gastrointestinal, infection, neuroscience, respiratory, and inflammation. The company has also acquired other companies like Cambridge Antibody Technology, MedImmune, Spirogen, and Definiens.
Rise In Shares Of AstraZeneca India
The Cambridge based company has a subsidiary company in India called AstraZeneca India. The subsidiary company has witnessed major growth in the stock market even when everything is becoming dull at the moment. The shares of the Indian subsidiary rose by almost a quarter in the past two months. This is way more than any other Indian pharmaceutical company. Experts believe the rise in the price of the stock market is due to the sentiments relating to coronavirus and its vaccine.
Possible Explanation For The Rise Of Stocks Of AstraZeneca India
The parent company AstraZeneca is trying to develop a coronavirus vaccine in partnership with Oxford University. Moreover, this vaccine is currently finishing up with phase 2 human trials and simultaneously starting with phase 3 trials. This could be the reason for this high growth in the rise in the price of stocks. “The only explanation for the rise in the hope that AstraZeneca India will benefit from the COVID-19 vaccine its parent is developing,” said an analyst supporting the same. The virus seems to have turned lucky for the company.
Other Reasons For The Rise Of Stocks Of AstraZeneca India
However, AstraZeneca India has confirmed that vaccine development is solely the project of the parent company. They receive no information regarding the status of vaccine,s nor do they know anything about the vaccine development that is taking place. Another reason attributed for the rise was the launch of a drug by the Indian subsidiary. The name of the drug is Qtern. Qtern is a drug, which is a combination of two innovative drugs dapagliflozin and saxagliptin. It is effective for the treatment of type 2 diabetes.