STOCKS NEWS EUROPE-AstraZeneca extends gains on Onglyza hope

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14:38GMT 30Mar2009-AstraZeneca extends gains on Onglyza hope

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Shares in AstraZeneca (AZN.L), already buoyed by favourable clinical trial results for cholesterol drug Crestor, extend gains to 3 percent after FDA staff give a favourable report for its experimental diabetes drug Onglyza.

Panmure Gordon analyst Savvas Neophytou says weekend news on Crestor provides support for a key product, but adds investors are also looking eagerly at prospects for Onglyza ahead of an FDA expert panel on April 1.

AstraZeneca is developing the so-called DPP-4 diabetes drug with Bristol-Myers Squibb (BMY.N).

For FDA staff views on Onglyza click on [ID:nWEN6645] For more on Crestor data double click on [ID:nN29308215]

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