Shares of HUTCHMED (HCM), a leading biopharmaceutical company focused on oncology and immunology drugs, soared 7.58% on Thursday after the UK's healthcare regulator granted approval for its drug Fruquintinib to treat metastatic colorectal cancer in adult patients.
The Medicines and Healthcare products Regulatory Agency (MHRA) approval marks a significant milestone for HUTCHMED, allowing the company to market Fruquintinib in the UK for colorectal cancer treatment. Fruquintinib is a highly selective and potent oral inhibitor of vascular endothelial growth factor receptors (VEGFR) 1, 2, and 3.
The regulatory greenlight bolsters HUTCHMED's oncology portfolio and is expected to drive revenue growth for the company. Analysts view the approval as a positive development, highlighting the drug's potential in addressing a significant unmet medical need in the treatment of metastatic colorectal cancer.
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