Friday, April 15, 2011

Amylin (AMLN) Skyrockets on EU Recommendation of Bydureon

After an EU regulatory panel recommended Amylin's (NASDAQ:AMLN) diabetes drug Bydureon to be approved, shares of the company soared by about 13 percent.

This follows a disappointing refusal from the U.S. Food and Drug Administration in the latter part of 2010, which said it needed more information on the drug before it would recommend it for approval.

The three companies will said today they'll supply additional information to the FDA in the second half of 2011.

Shares of Alkermes (NASDAQ:ALKS), which developed the delivery system for Bydureon, were also hopping today.

Alkermes was trading at $13.95, gaining $0.54, or 4.03 percent, as of 12:27 PM EDT. Amylin was at $12.71, rising $1.45, or 12.88 percent. Eli Lilly, also a partner in the drug, was trading at $36.02, up $0.27, or 0.76 percent.

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