11:57 AM EDT, 03/27/2026 (MT Newswires) -- The European stock markets were tracking lower in Friday trading, and look set to extend their losing streak to three weeks. The Stoxx Europe was losing 1%, Germany's DAX shed 1.4%, the FTSE 100 edged 0.1% lower, France's CAC was dropping 0.8%, and the Swiss Market Index was down 0.9%.

In Spain, the annual change in the flash estimate of the consumer price index rose 3.3% in March, from 2.3% in February, according to the Spanish Statistical Institute, which also said the annual rate of the flash indicator of underlying inflation remains at 2.7%.

And in corporate news, Novartis said Friday it agreed to buy private biotechnology firm Excellergy for as much as $2 billion in initial and milestone payments.

The proposed transaction includes an experimental early-stage IgE medication called Exl-111 designed to treat various allergic conditions, the company said.

Shares of Novartis were off 0.4% in Zurich.

Astrazeneca said Friday that its drug tozorakimab met its primary endpoint in two phase 3 trials in patients with chronic obstructive pulmonary disease.

The company said the trials showed that tozorakimab reduced the annualized rate of moderate-to-severe chronic obstructive pulmonary disease exacerbations compared with placebo among both former smokers and in an overall population that included smokers and patients with all stages of lung function.

Shares of the British pharmaceutical company rose 3% in London.

Novo Nordisk said late Thursday the US Food and Drug Administration has approved its experimental drug, Awiqli, as an adjunct to diet and exercise to improve glycaemic control in adults with type 2 diabetes.

The company said the drug is the first once-weekly basal insulin option, offering an alternative to daily dosing.

Shares of the Danish pharmaceutical company was losing close to 5% in Copenhagen.

Banco Santander said Friday it is reaffirming its long-term financial targets despite the ongoing global macro uncertainty, citing the stability of its diversified business model.

For 2026, the company continues to expect mid-single digit revenue growth and profit increase versus the 14.1 billion euros ($16.24 billion) reported for last year, it said.

Shares of Banco Santander were moving 0.2% higher in Madrid.

Sanofi said Friday that the European Medicines Agency's Committee for Medicinal Products for Human Use has recommended the approval of a subcutaneous version of Sarclisa, or isatuximab, combined with standard treatments for multiple myeloma.

Shares of the French pharmaceutical company were up 1.5% in Paris.

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