Agora, Inc. (API) saw its stock price surge 7.05% during Friday's trading session, driven by positive news surrounding approvals for active pharmaceutical ingredients (APIs) in China and South Korea.
The rally came after China-based pharmaceutical companies Zhejiang Jianfeng Group and Jiangxi Synergy Pharmaceutical secured regulatory approvals for APIs in their respective markets. Zhejiang Jianfeng Group's subsidiary obtained approval from China's drug administrator for the API roxadustat, while Jiangxi Synergy Pharmaceutical received a drug registration certificate from South Korea's Ministry of Food and Drug Safety for its empagliflozin API.
These approvals are expected to expand the business scope and market access for the pharmaceutical companies, potentially benefiting Agora, Inc., which provides voice, video, and live interactive streaming solutions to enterprises globally. As a technology partner for the healthcare industry, Agora could capitalize on the growing demand for its services from pharmaceutical companies seeking to enhance their digital presence and customer engagement.
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