Gedeon Richter Nyrt. (RICHT), Hungary’s biggest drugmaker, rose the most in almost four weeks after its experimental antipsychotic drug cariprazine met the main goals of two late-stage studies in schizophrenia.
The shares gained as much as 4.9 percent and traded 2.9 percent higher at 39,105 forint by the close in Budapest, the biggest jump since since Feb. 2. The benchmark BUX stock index advanced 0.3 percent to 19,217.87.
Richter and its partner Forest Laboratories Inc. (FRX) plan to seek approval for the drug this year to treat schizophrenia and bipolar mania, they said in a statement today. Budapest-based Richter and Forest previously reported successful late-stage trials in bipolar mania, they said.
“This is a development of great importance and the news should have a very positive impact on the stock price today,” Gergely Palffy, an equities analyst at KBC Groep NV (KBC)’s broker unit in Budapest, wrote in comments sent by e-mail.
To contact the reporter on this story: Andras Gergely in Budapest at email@example.com
To contact the editor responsible for this story: Gavin Serkin at firstname.lastname@example.org