The shares in CSPC Pharmaceutical Group Ltd. and CanSino Biologics Inc. rose Monday after news that both companies have received approval to conduct clinical trials with their respective Covid-19 vaccines in China. CSPC Pharmaceuticals’ shares rose 11% to Hong Kong $ 9.79 (US $ 1.25), while shares in CanSino Biologics rose 12% to HK $ 140. CanSino Biologics Inc said in a press release that pre-clinical trials had shown that its vaccine candidate could elicit high-level neutralizing antibodies against Covid-19 variants, including Omicron. CSPC Pharmaceutical also said that its preclinical trials showed that its vaccine works against variants, including Omicron and Delta. So far, the Chinese government has spent over 120 billion CNY on procuring Covid-19 vaccines, according to the country’s National Healthcare Security Administration, Citi notes.

Source: Wall Street Journal April 04, 2022 05:09 UTC