HLB Pharmaceuticals' cholangiocarcinoma treatment has seen a surge in shares for three consecutive trading days following news of its approval by the U.S. Food and Drug Administration (FDA).
As of 9 a.m. on September 29, HLB Pharmaceuticals was trading at 12,170 won, up 2,630 won (27.55%) from the previous trading day, according to the Korea Exchange.
This increase follows the announcement that HLB's U.S. subsidiary, Elevate Therapeutics, received FDA approval for its cholangiocarcinoma treatment, Ripkitu (ingredient name: lirafugratinib).
On the previous day, HLB Pharmaceuticals closed at 9,620 won, marking a 25.42% increase (2,220 won) from the prior day's close of 7,670 won.
Ripkitu is an oral chemotherapy drug designed to selectively target the FGFR2 protein, differentiating it from existing FGFR inhibitors. Cholangiocarcinoma is a rare cancer that occurs in the bile ducts, which transport bile produced by the liver.
Elevate plans to launch Ripkitu in the United States in the fourth quarter of this year. HLB stated, "This marks the first instance of a domestic pharmaceutical and biotech company submitting a New Drug Application (NDA) to the FDA and receiving product approval."
* This article has been translated by AI.
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