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Kyowa Kirin Stock Gains After Inclusion in US Drug Pricing Deal
Shares of Japanese pharmaceutical company Kyowa Kirin (TYO:4151) gained on Tuesday after the firm was included in a U.S. government agreement aimed at reducing drug costs.
US Pricing Agreement
Kyowa Kirin was one of nine pharmaceutical manufacturers named by the Trump administration in a deal to lower U.S. drug prices, according to a report from Investing.com. Under the terms of the agreement, the company will reduce the prices of its medicines for the U.S. Medicaid program.
Market Reaction
AdThe company's stock closed up 2.0% at ¥2,681 per share. This performance stood in contrast to the broader market, as Japan's Nikkei 225 index finished the session down 0.2%.
Company Context
The share price increase also follows a period of positive momentum for the company. In early August, Kyowa Kirin released upbeat earnings results for the January-June period, which may have contributed to investor confidence.
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