The US Food and Drug Administration granted Shanghai Fosun Pharmaceutical (SHA:600196, HKG:2196) orphan drug designation for its HLX43 drug for advanced or metastatic solid tumors, according to a Saturday filing with the Shanghai bourse.

Shares rose 2% in Hong Kong during afternoon trading on Monday.

The FDA designation will support research and development, registration, and commercialization support for the drug's indication for thymic epithelial tumors in the U.S., the filing said.

Fosun will also be exempted from new drug application fees and will obtain seven-year drug exclusivity, its said.