Shares in Fosun Pharmaceutical, the drug maker controlled by China billionaire Guo Guangchang, rose in Hong Kong this morning after the Shanghai-based company unveiled a strategic alliance with Covid-19 drug treatment developer Genuine Biotech.
Genuine Biotech’s Azvudine tablets on Monday obtained emergency conditional approval from China’s National Medical Products Association – similar to the U.S. Food and Drug Administration — for use in treatment of adult patients suffering moderate Covid-19. (See announcement here.)
The approval for use in Covid illness could help China move beyond stringent “zero Covid” policies what have led to lockdowns of tens of millions in the country this year and wreaked havoc on global supply chains. (See related post here.)
In July last year, Genuine Biotech’s Azvudine tablets also obtained conditional approvals from the NMPA on 20 July 2021 for use in the treatment of HIV in adults.
Fosun Pharmaceutical is controlled by Guo flagship Fosun International. It shares were up by 0.5% at HK$31.50 at 10:05 a.m. on Hong Kong today.
Guo is worth $3.8 billion on the Forbes Real-Time Billionaires List today.
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