[Special Stock] Prestige Biopharma, Green Light for Cancer Drug Approval in Europe... Up 16%

Prestige Biopharma is soaring more than 16% on the 26th amid expectations for European sales approval of Toznu, a biosimilar (biopharmaceutical generic) of the anticancer drug Herceptin.

As of 10:13 AM, Prestige Biopharma is trading at 14,180 KRW, up 16.80% (2,040 KRW) from the previous day.

Earlier, Prestige Biopharma announced that it received a recommendation for approval of Toznu from the Committee for Medicinal Products for Human Use (CHMP) under the European Medicines Agency (EMA). It is used for the treatment of breast cancer and metastatic gastric cancer.

Prestige Biopharma stated, "After obtaining the final sales approval, we expect to provide a new biosimilar with price competitiveness to patients with the indicated diseases," adding, "Following CHMP's recommendation for sales approval, the final sales authorization from the European Commission (EC) is expected soon."