AstraZeneca gout drug gets FDA approval

London’s FTSE 100 is seen starting 43 points higher than Tuesday’s close at 6,126.

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AstraZeneca said its Zurampic drug, used to treat gout, has received approval from the US Food and Drug Administration.

Zurampic, also known as Lesinurad, is used in combination with another type of drug that reduces production of uric acid in the body.

Galliford Try was celebrating a renewed relationship with the Ministry of Defence on Wednesday, having been appointed to two regional frameworks under the Next Generation Estates Contract (NGEC) programme.

The two frameworks, procures by the Defence Infrastructure Organisation, cover the South West and South East regions.

Galliford Try said they were worth up to £1.1bn in total over a four year period, with potential for a three year extension.

Individual projects worth up to £12m each were to be procured through the frameworks.

"Long-term relationships with key public sector clients remain a strategic focus for our business, and this appointment reinforces our position with the Ministry of Defence", said Galliford Try chief executive Peter Truscott.

In the Press

Tax officials have launched a crackdown on VAT evasion by overseas online retailers amid claims that Amazon and eBay have been “collaborating” with them to defraud the exchequer of large sums. The Treasury said HM Revenue & Customs was gathering intelligence on this particular scam, adding that it was devoting 25 per cent of its customs and international trade effort to tackling import fraud. – Financial Times

Apple has amended its corporate bylaws to allow shareholders to nominate new board members, making it the latest in a string of US companies to introduce a measure that offers greater control to investors. The issue of so-called proxy access has gone from a fringe issue to mainstream practice in just two years, as major institutional investors including BlackRock and T Rowe Price and many of the largest US pension funds have demanded improved shareholder rights. – Financial Times

Shell is planning to slash $7bn (£4.7bn) of costs, $8bn of investment and 10,300 jobs in the next two years if shareholders approve its plan to buy BG, the energy giant has vowed. Regulators around the world have given the green light to the £35bn deal, but bosses still have to win over some sceptical investors which includes promising larger than previously expected savings from the deal. – Telegraph

US close

US stocks finished in positive territory on Tuesday as economic growth data came in better than expected.

The Dow rose 0.96%, the Nasdaq increased 0.65% and the S&P 500 gained 0.88%.

The final estimate of third quarter US gross domestic product was revised to an annualised 2% from a previous estimate of 2.1% but it exceeded analysts' estimates of 1.9%.