[Featured Stock] Jeil Pharmaceutical Rises on News of Pfizer COVID-19 Vaccine Phase 2 and 3 Trials Initiation
[Asia Economy Reporter Minwoo Lee] Jeil Pharmaceutical's stock price is on the rise. Expectations have emerged that it will benefit from the news that Pfizer, with which it has maintained a long-term partnership, is starting Phase 2 and 3 clinical trials for the novel coronavirus disease (COVID-19) vaccine.
As of 2:05 PM on the 29th, Jeil Pharmaceutical's stock price recorded 54,700 KRW, up 12.1% from the previous day. Around 11:23 AM, it surged to 61,900 KRW, up 27.7% compared to the previous day.
The news that Pfizer is accelerating the development of the COVID-19 vaccine appears to have acted as a positive factor. According to the industry, Pfizer announced that it will begin Phase 2 and 3 clinical trials of the COVID-19 vaccine 'BNT162b2' targeting 30,000 people aged 18 to 85. Approval is aimed for October.
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Jeil Pharmaceutical has maintained a long-term partnership with Pfizer. Seong Seok-je, CEO of Jeil Pharmaceutical since 2005, is a former vice president of Pfizer Korea. Since 1996, Jeil Pharmaceutical has co-marketed Pfizer's hyperlipidemia treatment 'Lipido' and currently sells Pfizer products such as pain relievers and anti-inflammatory analgesics.
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