After Abe's hype, Japan's Covid-19 drug Avigan sees uncertain prospects

Fujifilm Holdings Corp's Avigan, once hyped as a potential Covid-19 treatment by Japan's prime minister, is facing uncertain prospects in the country, dampened by disappointing clinical studies and slow progress in regulatory review.

Shares of Fujifilm hit record highs in early April, fueled by optimism for the drug, but have since lost a quarter of their value, highlighting the risks of betting on experimental Covid-19 vaccines and treatments that are often politically promoted early in their development process.

Prime Minister Shinzo Abe previously touted Avigan's potential as Japan's contribution to a global race for coronavirus treatments, aiming for domestic approval