Good News for Amgen
Amgen's (AMGN) shares were strengthening after a published report said a potential competitor to the company's valuable anemia drugs might be delayed by two years before reaching the market.
Reuters reported Wednesday that Switzerland's Roche plans to seek U.S. approval for Cera, a drug for treating anemia caused by chemotherapy, in 2009. The report said the drug would then be targeted to go on sale in 2010, as much as two years beyond the date investors were expecting.
Shares of Amgen were gaining $3.91, or 5.4%, to $76.80. Volume at midday was more than triple the average for a full session during the last three months. The stock was as high as $80.03 earlier in the trading day.
According to the news report, Roche still expects to seek approval in the U.S. this year to sell Cera for anemia associated with kidney disease, putting the possible launch next year. Amgen sells the anemia drugs Epogen and Aranesp, which together had sales of $5.8 billion last year.Amgen is the world's biggest biotech company by market capitalization, sporting a value of $94.7 billion. Genentech (DNA) is second, with a market cap of $90.8 billion.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV