By Kosaku Narioka
Daiichi Sankyo shares rose sharply after the U.S. Food and Drug Administration approved its breast cancer drug Datroway.
Shares were recently 8.7% higher at 4,437 yen, equivalent to $28.39, on Monday after rising as much as 9.7% earlier. Over the past three years, the stock posted a daily gain of more than 8% only four times.
The U.S. FDA approved Datroway for certain adult patients who have previously received hormone therapy and chemotherapy to treat breast cancer that can't be removed surgically or is spreading to other parts of the body.
Daiichi Sankyo and AstraZeneca jointly developed Datroway.
The Japanese government approved the breast cancer drug in late December.
Jefferies analysts said in a note that they had assumed a 65% chance of FDA approval, but they believe that the market was less optimistic.
The analysts said investors may see the approval as a good sign for the drug's potential for triple-negative breast cancer, which is hard to treat.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
January 20, 2025 00:36 ET (05:36 GMT)
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