Sandoz jumps 5% in Zurich, boosted by a recommendation upgrade by UBS from 'neutral' to 'buy' on the generic and biosimilars group's stock, with a price target raised from 29.1 to 36 Swiss francs.

In the summary of its research note, the broker says it is 'more positive about access to biosimilars in the US' and points to 'recent performance that is not reflected in the current undemanding valuation'.

In addition, Sandoz reported the granting of marketing authorization in the European Union for Pyzchiva, a product developed and registered by Samsung Bioepis, making it one of the first ustekinumab biosimilars approved in Europe.

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