Shares of Biogen (BIIB) - Get Report were higher Tuesday after the U.S. Food and Drug Administration approved the biotech company's treatment for spinal muscular atrophy late Friday. Sinraza, which was developed by Ionis Pharmaceuticals (IONS) - Get Report and is licensed by Biogen, is the first drug approved by the FDA to treat children and adults for the rare and deadly disease that impairs movement. During testing, Biogen said that 40% of infant patients saw improvement in their motor responses. The company anticipates the product will be made available for shipment to U.S. health care providers by the end of the week.
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