AstraZeneca reverses $285 mln charge as cancer trial starts

LONDON, Sept 4 Wed Sep 4, 2013 2:16am EDT

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LONDON, Sept 4 (Reuters) - AstraZeneca has reversed a previous pre-tax impairment charge of $285 million after launching a final-stage Phase III clinical trial for the experimental drug olaparib in ovarian cancer.

The drug had earlier looked unlikely to get to market but confidence in its prospects has revived following more recent tests. AstraZeneca said on Wednesday that the reversal of the charge would be excluded from core earnings.

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