Stock Track | Innovent Bio Soars on Approval of New Psoriasis Drug Picankibart

Stock Track09-26

Shares of Innovent Biologics (HKG:1801) surged 5.31% on Wednesday after the Chinese biopharmaceutical company received a key regulatory approval for its new psoriasis treatment drug Picankibart.

In a filing with the Hong Kong stock exchange, Innovent announced that China's National Medical Products Administration (NMPA) has granted approval for the New Drug Application (NDA) of Picankibart injection, an antibody treatment for moderate to severe plaque psoriasis.

The approval of Picankibart marks a significant milestone for Innovent, as it expands the company's product portfolio and bolsters its presence in the lucrative psoriasis drug market. Analysts view the drug as a potential blockbuster with strong commercial prospects, given the high unmet medical needs and large patient population in China.

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