Concord Biotech wins US FDA approval for tofacitinib tablets
Business
Concord Biotech just got the go-ahead from the US Food and Drug Administration for its tofacitinib tablets, used to treat autoimmune issues like rheumatoid arthritis and ulcerative colitis.
The US market for these medications is huge, about $500 million, so this approval is a big win for Concord as it looks to grow internationally and offer more products.
Concord Biotech shares climb nearly 5%
Right after the news broke, Concord's shares climbed nearly 5% to ₹1,334.7.
Even cooler: the stock has jumped 25% over just eight trading days, showing investors are feeling pretty confident about where the company's headed.