Fujifilm's Stocks Surge After China Uses its Drug to Treat Virus

Fujifilm’s Stocks Surge After China Uses its Drug to Treat Virus

Shares in Japanese agency Fujifilm Holdings sky-rocketed Wednesday after the Chinese government stated a drug made by the corporate could be efficient for treating coronavirus patients.

Fujifilm's Stocks Surge After China Uses its Drug to Treat Virus

Fujifilm Holdings stock began the day untraded because of a glut of buy orders, before hovering 15.4% to 5,238 yen, the very best level allowed during the trade for the day.

China’s ministry of science and technology stated late Tuesday some clinical trials have been completed on favipiravir—the main ingredient in the influenza drug Avigan, which Fujifilm sells.

The trials utilizing the drug as a treatment for COVID-19 confirmed “good clinical results”, an official stated at a press conference.

A trial involving 80 cases carried out by a hospital in Shenzhen and a study of 120 cases headed by Wuhan University’s Zhongnan Hospital both confirmed the drug shortened the recovery time for sufferers.

Well recognized for its cameras, Fujifilm built Avigan and has licensed the patent for favipiravir to Chinese firm Zhejiang Hisun Pharmaceutical.

Fujifilm and the Chinese license holder are in “a cooperative tie,” but the Japanese agency is not involved in the production in China, he added.

Clinical assessments utilizing Avigan as a treatment for the coronavirus have started in Japan.

The coronavirus pandemic, which first emerged in China in late 2019, has quickly marched throughout the globe, infecting almost 200,000 people and killing 7,900 as governments fail to curb it.