BeiGene Ltd. (BGNE) saw its shares surge 5.24% on Wednesday, outperforming the broader market, after the European Commission approved the company's cancer treatment TEVIMBRA (tislelizumab) for expanded use in the region.

The approval allows TEVIMBRA, in combination with chemotherapy, to be used as a first-line treatment for adult patients with unresectable, locally advanced or metastatic esophageal squamous cell carcinoma (ESCC) and gastric or gastroesophageal junction (G/GEJ) adenocarcinoma. The decision was based on positive results from two Phase 3 studies that demonstrated a statistically significant overall survival benefit for patients treated with TEVIMBRA plus chemotherapy.

Investors welcomed the regulatory approval, which expands the addressable market for BeiGene's cornerstone solid tumor therapy. The company highlighted the urgent need for effective treatment options in these cancer types, citing the poor prognosis for patients diagnosed with advanced gastric and esophageal cancers.