BUZZ-China's PegBio hits new high on approval of new drug application

Reuters11-17

** Shares of PegBio Co 2565.HK surge 15% to HK$72.75, their highest point since Hong Kong debut on May 27

** The China-based innovative therapies developer for treatment of chronic and metabolic diseases said China National Medical Products Administration (NMPA) has approved a new drug application for the company's core product PB-119

** PB-119, or Paidakang, offers a safe treatment option for type 2 diabetes mellitus patients - Co

** Since its debut in May, the stock has risen 366% so far from the offer price of HK$15.60 apiece

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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