Shares of Teligent Inc. (TLGT) - Get Report were up 2.5% to $8.71 in premarket trading on Friday, July 21, after the Buena, N.J.-based firm secured approval from the U.S. Food and Drug Administration for its abbreviated new drug application for Erythromycin Topical Gel USP, 2%.

The company plans to launch the product in the third quarter, said Teligent president and CEO Jason Grenfell-Gardner in a statement.

This marks the third FDA approval received by Teligent this year and the 14th from its internally-developed pipeline of topical generic pharmaceutical medicines. In March, Taligent announced FDA approval of Triamcinolone Acetonide Ointment USP, 0.5% and Clobetasol Propionate Gel, 0.05%. 

Other biotech movers include FibroGen Inc. (FGEN) - Get Report , down nearly 4% to $33.85, and Amicus Therapeutics Inc. (FOLD) - Get Report , up 1.4% to $13.80.

Worried about how to finance your golden years? Register here to watch a free webinar in which TheStreet's Jim Cramer talks with Ken Fisher, founder of Fisher Investments, about the market trends shaping retirement planning today.

More of What's Trending on TheStreet: