Gedeon Richter Climbs on Clinical Drug Trial: Budapest Mover
February 08, 2012, 11:47 AM ESTBy Andras Gergely
Feb. 8 (Bloomberg) -- Gedeon Richter Nyrt., Hungary’s biggest drugmaker, rose after a clinical trial for one of its products showed patients improved.
The shares jumped as much as 2.6 percent and traded 1 percent higher at 38,995 forint by the close in Budapest, extending its gains this year to 14 percent. The benchmark BUX stock index advanced 0.4 percent to 19,724.34 today.
Richter and its partner Forest Laboratories Inc. said a Phase III clinical trial indicated that patients treated with the antipsychotic agent Cariprazine for acute manic episodes experienced “significant improvement,” according to a statement posted on the Budapest stock exchange website.
“The news is certainly favorable,” Levente Blaho and Adam Keszeg, Budapest-based analysts at Raiffeisen Bank International AG, wrote in a research report.
--Editors: Peter Branton, Linda Shen
To contact the reporter on this story: Andras Gergely at agergely@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
