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Chugai soars after UK says drug reduces hospital time for Covid patients

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The corporate logo of Chugai Pharmaceutical Co. is displayed atop the head office of its Chugai Pharma Manufacturing Co. unit in Tokyo, Japan, on Monday, Aug. 18, 2014.

Kiyoshi Ota | Bloomberg via Getty Images

SINGAPORE — Shares of Japanese drugmaker Chugai Pharmaceutical surged on Tuesday after the U.K. government found that its drug tocilizumab was effective in reducing risk of death as well as hospitalization time for Covid patients.

By the Tuesday market close in Japan, shares of Chugai rose 5.91%. Earlier in the session, Chugai’s stock soared as much as 16.26%. Tuesday marked the first trading day of the week for Chugai as Japan’s markets were closed on Monday for a holiday.

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Source cnbc.com

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