NEW YORK (TheStreet) -- Pfizer (PFE) shares are up by 0.90% to $34.75 in afternoon trading on Friday, after the company announced that the Food and Drug Administration granted regulatory approval for its lymphangioleiomyomatosis (LAM) treatment.
LAM is a rare lung disorder that mostly affects women with an occurrence rate between 2 and 5 people per million.
The treatment, Rapamune, originally received regulatory approval for preventing organ rejection in kidney transplant patients in 1999. The drug had global sales of $206 million in the 12 month period ended August 2014.
Rapamune is the first FDA approved drug treatment for LAM.
"Pfizer is proud to gain approval for RAPAMUNE as the first treatment for patients with LAM, through our work with the FDA, the clinical investigation team and the LAM Foundation," said Rory O'Connor, MD, of Pfizer Inc. "This type of cooperative effort creates opportunities for innovation in developing therapies for patients with rare diseases."
In separate news, Pfizer is one of the major biotech firms reportedly in talks to purchase French cancer drug maker Cellectis (CLLS), according to the Financial Times.
Pfizer currently owns a 9.5% stake in the company.
Separately, TheStreet Ratings team rates PFIZER INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PFIZER INC (PFE) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, expanding profit margins and growth in earnings per share. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."