Wyeth Plant Cleared by FDA

Shares of Wyeth (WYE Quote - Cramer on WYE - Stock Picks) rose Wednesday after the Food and Drug Administration said the company could produce new drugs at its plant in Puerto Rico.

The FDA had placed a hold on manufacturing new drugs at the plant until Wyeth fixed problems cited by the agency during an inspection 12 months ago.

"The new classification means that any issues found by the FDA have either been corrected by the company or do not merit any further regulatory action," Wyeth said.

"The change in status allows for the timely approval of new products manufactured at the site," said Bernard Poussot, president and chief operating officer.

Wyeth has several new products under review by the FDA that will be made in Puerto Rico. They include an oral contraceptive, a treatment for symptoms of menopause and an antidepressant.

By midmorning, the stock was up 68 cents, or 1.2%, to $57.32.