台灣新藥公司於臨床試驗消息公佈前後與其股價異常報酬之研究

Abstract

近來台灣從事生技新藥開發的公司股價大幅上漲，主要是這些新藥公司均投入研發多年，而且逐漸進入臨床三期的結果階段，這些新藥公司不僅搶攻大陸市場，甚至將進運國際市場，提升台灣新藥公司在國際上的競爭力。以上櫃新藥股基亞(3176)為例，於2014年7月28日於公開資訊觀測站公告其肝癌新藥PI-88於獨立資料審議委員會進行第三期臨床試驗期中分析(interim analysis)結果不如預期，引發基亞 (3176)本身及相關生技類股之股價大跌，金管會因而訂制「基亞條款」，研議將更嚴格規範研發進度的發布時機及內容，未來上市櫃的生技公司不可任意發布新藥研發進度，藥名的使用上也不能太艱澀，以防範投資人因資訊不明而誤下投資決策，藉此加強生技公司在資訊揭露上的完整性。本研究探討新藥公司於各研發階段消息公佈前後與其股價是否具相關性，選取為製藥產業鏈上游及中游之台灣已上市、上櫃及興櫃公司為研究樣本，並基於上述的研究背景及動機，分析探討「台灣新藥公司於臨床試驗消息公佈前後與其股價異常報酬之研究」。

Recently, the stock prices for Biotech patented new drug companies have a huge surge in Taiwan, because all of these companies have researched to different phases of clinical trial for many years. These Biotech drug companies are not only sold in the market of China, but also have an important role in the international markets. Such as 「MEDIGEN」, they released the result which was not confirmed to their expectation about Phase III interim analysis of new drug PI-88 at Independent Commission on July 28th, 2014. This was made the stock price for MEDIGEN and other Biotech drug companies stock prices have a huge sale-off. Because of that, Securities and Futures Bureau has made the information release a “ MEDIGEN clause” to regulate the timing and the content of the information release about research and development progress strictly. In the future, any Biotech companies listed in the market couldn’t announce research and development progress as they like. This research focuses on exploring the relationship between the clinical trial information release and the stock prices. The sample companies are selected which are on the top and middle of Pharmacy chain in the market. Abnormal returns of new drug stocks before the timing of clinical trial information release are found in significantly posting in the stocks empirical study.