Wockhardt's stock soared 20% as Zaynich antibiotic treated a US cancer patient with Pseudomonas infection at Children's Hospital of Orange County. The drug's success enabled chemotherapy, highlighting its potential impact on cancer deaths and Wockhardt's financial outlook.
Shares of Wockhardt soared 20% on Monday - the highest tradable limit of the day - after the company said its investigational , Zaynich, has treated a cancer patient in the US. The stock ended at ₹823.65 - the highest closing in over six years.
The company said that this is the first instance in the US where the antibiotic was used to combat a complex infection caused by extreme-drug resistant .
"Recently, a young immune-compromised cancer patient, who has been hospitalised for nearly 9 months at Children's Hospital of , University of California Irvine School of Medicine was successfully treated with 4 weeks of Zaynich for chronic thigh infection under compassionate use, enabling doctors to resume chemotherapy," said the company in a press release. ETMarkets.com
Analysts are optimistic about the company's prospects following the introduction of the drug, which would be ready for commercialisation by the end of FY25. "The anticipated rise in cancer-related deaths to about 12% of total deaths by 2030 underscores the significance of launching this drug and would definitely impact the financials of the company," said T Manish, research analyst at SAMCO Securities. "In this backdrop, the uptrend seen recently is sustainable in the long-term."
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