US stocks are poised to start lower, but medicine-focused Bristol-Myers Squibb Co (NYSE:BMY) shares are bucking that trend before the bell, by adding 0.47% to stand at US$61.40.
It comes as the key US FDA (food and drug administration) approved its Opdivo drug to treat some patients with previously treated small cell lung cancer.
Small cell lung cancer is one of two main types and accounts for between 10% and 15% of all lung cancers.
It is an aggressive form of the disease and only detected when it is at an advanced stage.
#MEDIA: #FDA approved a new option for certain patients with small cell #LungCancer who received two prior lines of therapy. Read more: https://t.co/zC2gsLridI pic.twitter.com/r8Y0DKGpTy
— Bristol-Myers Squibb (@bmsnews) 17 August 2018
Elsewhere, in pre-market, Israeli drug group Teva Pharmaceutical Industries Ltd (TLV:TEVA) was in focus as its first generic competitor to Mylan's EpiPen (to treat epilepsy) was given the greenlight by US regulators.
It comes after a yearlong delay, which some had said had contributed to the drug's price rise.
Elsewhere, shares in tractor and machinery maker Deere & Company (NYSE:DE) shed 3.90% to US$132 on Friday. It comes as the group posted fiscal third quarter earnings, which missed Wall Street estimates despite strong revenues.
The Illinois-based company posted earnings of US$2.59 per share on revenues of US$10.3bn.
Consensus had been for US$2.77 per share on revenue of US$9.2bn. Revenues grew 32% on a year-on-year basis.
In other news, Tesla Inc (NASDAQ:TSLA), the electric car maker, lost 2.54% to stand at US$327.40 as the firm continues to attract much attention.
Among one of the issues, founder Elon Musk has been facing intense scrutiny about his tweet on August 7 about wanting to take the group private at US$420 per share. The tweet sparked a sharp rally in the share price, but also prompted scrutiny.