A new blood thinner developed by Bristol-Myers Squibb and Pfizer Inc was found to be more effective than warfarin in the Phase III trials conducted by the companies.
The Phase II trials for the drug, known as Apixaban, was conducted with the primary aim of showing itself to be non-inferior to warfarin but researchers said that the drug was better and safer than warfarin in preventing strokes in patients with dangerously irregular heart rhythms.
AdvertisementThe drug is expected to compete with Boehringer Ingelheim's Pradaxa and another drug, Xarelto, which has been jointly developed by Bayer and Johnson & Johnson.
Shares of Bristol-Myers rose by 7.3 percent to $29.78 while Pfizer shares also increased by 3.9 percent to $21.06 at the New York Stock Exchange.
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