Insmed Jumps on Italy Move

Shares of drugmaker Insmed(INSM Quote) jumped 16% Wednesday after the company said the Italian Ministry of Health wants to make its drug Iplex available to patients with Lou Gehrig's disease there.

Shares gained 17 cents to $1.20.

Insmed will sell the drug through an agreement with Cephalon(CEPH Quote), which holds patents related to the treatment of the disease, also known as amyotrophic lateral sclerosis.

"We are very pleased that the Italian ministry has approached us to help in treating this devastating disease," said Geoffrey Allan, CEO of Insmed. "We greatly appreciate the fact that Cephalon has collaborated with us in this effort."