FRANKFURT (dpa-AFX) - Formycon's shares rose on Monday in response to the EU approval of an ophthalmic drug. In pre-market trading on Tradegate, the share price of the developer of follow-on products for biopharmaceutical drugs rose by 2.3 percent to 57.30 euros compared to the Xetra closing price on Friday.
Formycon has received EU approval for the active ingredient FYB203, which is to be marketed under the brand names Ahzantive and Baiama. The drug is in competition with Bayer's Eylea.
Analyst Christian Ehmann of Warburg Research recently described the drug as "one of Formycon's key products." Analyst Alexander Zienkowicz of MWB Research pointed out that Bayer's reference product Eylea had generated sales of around 9 billion US dollars in 2023.
Meanwhile, Alistair Campbell of RBC Capital Markets believes that the market launch of Formycon's FYB202 in the U.S. is more significant. This drug is considered a competitor to Stelara, which is used to treat intestinal diseases and is produced by Janssen Pharmaceutical. The market launch of FYB202 in the USA is expected at the end of February, according to the analyst./bek/tih/jha/