RHHBY - U.K. says Chugai's arthritis drug effective in COVID-19

Shares of Chugai Pharmaceutical (CHGCY) surged 6% in Japan after the U.K. government found that company's rheumatoid arthritis drug, tocilizumab was effective in reducing risk of death as well as hospitalization time for COVID-19 patients, CNBC reports.In a press release dated Thursday, the U.K. said tocilizumab was among two drugs that “reduced the relative risk of death by 24% when administered to patients within 24 hours of entering intensive care and left intensive care between 7 to 10 days earlier on average.”NHS will also work with manufacturer Roche (RHHBY) to ensure the treatment remains available for U.K. patients.Tocilizumab, marketed as Actemra or RoActemra, is part of a co-development between Roche and Chugai. Roche is also the majority shareholder of Chugai.Earlier in the session, Chugai’s stock soared as much as 16.26%.

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U.K. says Chugai's arthritis drug effective in COVID-19