NEW YORK (TheStreet) -- Amgen (AMGN - Get Report) hit a 52-week high of $137.99 on Wednesday after the Food and Drug Administration granted priority review for the biopharmaceutical company's New Drug Application for its prospective chronic heart failure treatment drug ivabradine.
Amgen designed ivabradine to slow patients' heart rate without the negative side effects of myocardial contractility or ventricular repolarization. The FDA gives priority review designations to drugs targeted at treating severe conditions. It had previously given its fast-track designation to ivabradine in April.
The European Medicines Agency approved the drug for treating stable angina in 2005 and for treating chronic heart failure in 2012.
Must Read: Warren Buffett's 25 Favorite StocksSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. The stock was up 0.25% to $137.64 at 10:31 a.m. AMGN data by YCharts EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.