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Agios Shares Spike on Planned Drug Application

The drugmaker plans to submit the first targeted-blood-cancer drug to the U.S. by the end of the year.

Drugmaker Agios Pharmaceuticals (AGIO) shares were spiking Wednesday after announcing plans to submit the first targeted-blood-cancer drug to the U.S. by the end of the year, which TheStreet's Adam Feuerstein notes is faster than investors expected. Celgene  (CELG) owns rights to the proposed drug and will be tasked with filing the new drug application, which has been described as treating patients with relapsed or refractory acute myeloid leukemia, or AML. Agios revealed its expedited plans in a Wednesday filing to the Securities and Exchange Commission, sending shares on a more than 20 percent rally. Agios shares are still down about 31 percent on the year.

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