Good cancer drug data helps AstraZeneca in Pfizer fight

New data showing an experimental AstraZeneca lung cancer drug shrank tumors in more than half of patients gives the British group fresh ammunition to argue that Pfizer's takeover offer undervalues it substantially. Britain's second-biggest drugmaker has rejected a $106 billion approach from its U.S. rival Pfizer, arguing that it has a bright future as an independent firm due to a promising pipeline of cancer and other drugs. Its new lung cancer drug, known as AZD9291, targets a genetic mutation that helps tumors evade current treatments. AstraZeneca believes it could sell as much as $3 billion a year.