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Able Labs Gains From Generic Lortab Approval

The stock adds 8% after the FDA supports the company's new drug application.
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Able Laboratories

(ABRX)

said the Food and Drug Administration approved the company's abbreviated new drug application for a generic version of Lortab, a treatment for moderate to moderately severe pain.

Word that the agency had approved the formulation, consisting of hydrocodone bitartrate and acetaminophen tablets, lifted shares of Able $1.29, or 8%, to $17.55.

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Since March 2001, Able, a maker of generic pharmaceuticals, has received 29 abbreviated new drug application approvals. The total market for Able's newly approved drug is estimated at about $230 million, the company said in a press release.