Taiko Pharmaceutical Gains Most Since Listing on Drug-Resistant Bacteria
Taiko Pharmaceutical Co., a Japanese maker of antiseptics, rose the most since listing on the Tokyo Stock Exchange after several types of drug-resistant bacteria were reportedly found in the country.
The stock surged 29 percent to 1,336 yen as of 1:26 p.m. on the exchange, the biggest gain since March 2009. Taiko has fallen 30 percent this year, compared with 7.8 percent decline in the benchmark Topix index.
Forty-six patients have been infected with a drug-resistant bacterium called Acinetobacter at Tokyo’s Teikyo University Hospital over the past year, the Yomiuri newspaper reported today. The report also said bacteria with the NDM-1 gene, resistant to almost all antibiotics, was identified for the first time in Japan yesterday in a patient at Dokkyo Medical University Hospital, north of Tokyo.
“The stock’s surge may be attributed to the new bacterium,” said Hitoshi Ohnishi, an analyst at Cosmo Securities Co., who has a “neutral plus” rating on Osaka-based Taiko. “I don’t know how effective their products are, but the company has an established reputation in the antibacterial business.”