Pharma stocks jump up to 5% after US Senate passes Biosecure Act
Pharma stocks jump up to 5% after US Senate passes Biosecure Act
The shares of pharma companies jumped in trade on December 19 after the US Senate passed the 'Biosecure Act', which bars some Chinese biotech companies from receiving federal funding.
The sharp rise in the share prices pushed the Nifty Pharma index up 0.65 percent to 22,704.30, as seen at 11.15 am on Friday. Earlier during the day, the index gained more than 1.35 percent to 22,863.
Biosecure Act:
The US Senate on Wednesday passed the fiscal 2026 National Defense Authorization Act, a nearly $1 trillion bill setting policy for the Pentagon that Congress has passed for 65 straight years. After the House of Representatives passed it last week, Senate's approval will send it to the White House for US President Donald Trump to sign and make it a law.
Stock on radar