NEW YORK (TheStreet) -- Shares of IGI Laboratories (IG) surged to a 52-week high of $9.01 on Thursday after the pharmaceutical company announced it had acquired regulatory rights to 18 AstraZeneca (AZN) drugs.
Seventeen of the drugs acquired were marketed. The acquisition includes 17 injectable drugs and one suppository drug. IMS Health estimates the U.S. market for these drugs is $200 million as of May 2014.
The FDA had approved these drugs as abbreviated new drug applications (ANDAs) or new drug applications (NDAs) before they were discontinued or taken off the market.
The stock was up 18.19% to $8.81 at 2:47 p.m. More than 4 million shares had changed hands, compared to the average volume of 811,739.IG data by YCharts