Drug shares depend on new medicines to pep them up

Europe's third-biggest drugs maker has signed up for global rights to an experimental septic shock drug from Protherics worth up to �195m ($338m).

One industry analyst said the deal for the company's Cytofab drug was "stunningly good" for Protherics.

Protherics already markets an antidote to rattlesnake bites.

Septic shock - or sepsis - is a life threatening condition affecting three million people a year worldwide. If the drug is successful the rewards are likely to be substantial.

Final hurdle

However, at present there is no guarantee that CytoFab will make it to market - though Phase II clinical trials showed promise, it still faces a final-stage Phase III trial.

"We now have the opportunity to build on the excellent Phase II data already generated," said AstraZeneca's executive director of development John Patterson.

Analysts believe the deal could be the first of several to be announced by AstraZeneca.

Chief executive David Brennan recently said the Anglo-Swedish company planned to step up the hunt for drugs being tested at later-stages.

In common with other drugs giants AstraZeneca has traditionally focused on early research deals.

Under the agreement AstraZeneca will be responsible for all clinical development work for CytoFab, and Protherics will be responsible for making the drug.

Shares in Protherics were quoted 25.5 pence, or 45.13%, higher at 82p.

AstraZeneca shares edged 1p, or 0.04%, higher to 2686p.