Celgene Gains on Drug Results

The company says a new version of its treatment for attention deficit disorder shows promise.
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Investors focused on

Celgene

(CELG) - Get Report

Wednesday, after the pharmaceutical maker said one of its attention deficit hyperactivity disorder treatments showed promise in adults.

The company presented data at the annual meeting of the American Psychiatric Association, which showed that Focalin LA capsules were effective in treating ADHD in adults. Focalin LA is a longer-acting version of Focalin, which is derived from methylphenidate, an ADHD treatment first introduced in 2001.

In reaction, shares of Celgene rose $1.62, or 3.1%, to $53.62.

"We are extremely encouraged by the results of this study investigating various doses of Focalin LA compared to placebo to manage the symptoms of ADHD in adults," said Sol J. Barer, president and COO. "These results underscore the future global potential of Focalin LA, and our partnership with

Novartis

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as we rapidly approach our next milestone, a

new drug application submission for Focalin LA later this year."

Celgene has licensed the worldwide rights on a number of its ADHD fighters, including Focalin and the entire Ritalin family of drugs, to

Novartis

(NVS) - Get Report

in exchange for milestone payments and royalties.

The positive results from the double-blind, placebo-controlled study announced Wednesday paves the way for Novartis, which has already completed phase III trials of Focalin LA, to submit a new drug application with the Food and Drug Administration. If the drug is approved by the FDA, Celgene will receive another milestone payment.