Bloomberg News

Gedeon Richter Rises to 10-Month High on Drug Study Result

February 02, 2012

(Updates with closing price in second paragraph.)

Feb. 2 (Bloomberg) -- Gedeon Richter Nyrt., Hungary’s biggest drugmaker, jumped to the highest in almost 10 months after a study confirmed the efficacy of its drug Esmya.

The shares rose 3.7 percent to 38,300 forint by the end of trade in Budapest, the strongest close since April 8.

Esmya, produced by Richter’s subsidiary PregLem, “significantly improves symptoms of uterine fibroids (myomas),” Richter said, citing the results of two studies published in the New England Journal of Medicine.

“The news should add positive momentum to Richter today,” Gergely Palffy, a Budapest-based analyst at KBC Securities, wrote in a research report today.

--Editors: Linda Shen, Peter Branton

-0- Feb/02/2012 08:34 GMT

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net -0- Feb/02/2012 08:20 GMT


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus