Shares of Asian drugmakers drop after Trump threatens tariffs [Yahoo! Finance]
SUMITOMO CHEM UNSP/ADR (SOMMY)
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Source: Yahoo! Finance
SEOUL/SHANGHAI (Reuters) -Shares of Asian drugmakers mostly fell on Friday after U.S. President Donald Trump threatened 100% tariffs on imports of branded pharmaceuticals from October 1, unless their producers had already broken ground on U.S. manufacturing plants. In South Korea, Samsung Biologics fell 1.6%, while SK Biopharmaceuticals slid 2.6%. But Celltrion, which said on Tuesday it had paid $330 million to acquire ImClone Systems LLC from Eli Lilly in the United States, rose 1.3% after recouping losses. In Japan, Sumitomo Pharma tumbled 4.3%, Otsuka Holdings dropped 3.5%, and Daiichi Sankyo lost 1.6%, although Takeda added 0.2% and Shionogi gained 1.3%. Hong Kong's Hang Seng Biotech Index was down about 2.58%. Markets had already been braced for further tariffs and investigations by the Commerce Department, said Carol Kong, economist and currency strategist at Commonwealth Bank of Australia in Sydney. "The sectoral tariffs are here to stay because those have proven t
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