UPDATE 1-AstraZeneca says Netherlands approves Seroquel XR

(Adds background, share price)

LONDON, Aug 29 (Reuters) - Anglo-Swedish drugmaker AstraZeneca Plc (AZN.L) said on Wednesday that Dutch regulators had approved Seroquel XR, a once-daily version of its blockbuster schizophrenia drug.

Seroquel is AstraZeneca's second-biggest drug, with global sales of $3.4 billion last year.

AstraZeneca said in a statement that it would proceed with a Mutual Recognition Procedure, seeking similar approvals across Europe.

Seroquel XR was approved by U.S. regulators in May.

AstraZeneca is looking to established drugs such as Seroquel to keep the business growing while it seeks acquisitions to rebuild its drugs pipeline.

Analysts say that makes Seroquel XR key to protecting long-term sales, while at the same time the newer version should have near-term potential because of its improved ease of use.

Seroquel belongs to a class of drugs called atypical antipsychotics and is the most prescribed treatment of its kind in the United States. It is also used in patients with bipolar disorder.

AstraZeneca shares were down 0.5 percent at 2,375 pence at 0845 GMT, valuing the business at about 35 billion pounds ($70 billion).

((Reporting by Mike Elliott, editing by Rory Channing; Reuters Messaging: mike.mg.elliott.reuters.com@reuters.net; e-mail: mike.mg.elliott@reuters.com; phone +44 20 7542 4019))

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