By Justina Lee
Shares of CanSino Biologics Inc. rose Friday after the company's Covid-19 vaccine was approved for emergency use by the World Health Organization.
Shares of the Tianjin-based pharmaceutical company rose as much as 20% before paring gains to 9.1% at the mid-day break. Shares are still down about 57% so far this year.
The WHO's nod for CanSino's Convidecia vaccine marks the third such approval for a Chinese product and the 11th worldwide. The health organization last year approved the use of Covid-19 vaccines made by Chinese companies Sinopharm Group Co. and Sinovac Biotech Ltd.
CanSino noted in a press release that the WHO's move "allows countries to expedite their own regulatory approval to import and administer Covid-19 vaccines, and is a prerequisite to supply vaccines to the global COVAX Facility."
CanSino said its vaccine can be transported and stored between 2 degrees and 8 degrees Celsius, "making it more accessible to developing countries with insufficient storage facilities and medical resources."
Convidecia has received approvals in more than 10 markets worldwide, including China, Indonesia and Mexico.
Write to Justina Lee at email@example.com
(END) Dow Jones Newswires
May 20, 2022 00:59 ET (04:59 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.