Amgen Shares Soar on FDA Drug Approval

Amgen Inc. (AMGN) climbed 9 percent to $55.35 on Wednesday, its biggest gain since July 2009, after the world’s largest biotechnology company unexpectedly received approval yesterday from the U.S. Food and Drug Administration for Prolia, Amgen’s new osteoporosis drug, which is used to treat osteoporosis in post-menopausal woman and bone loss in men with prostate cancer. The new drug will be the first biotechnology drug likely to be prescribed by patients’ primary physicians instead of specialists.

Prolia is expected to capture large portions of the osteoporosis drug markets, with annual sales of up to $1 billion, according to Reuters.

AMGN gained $4.37, or 8.61 percent, to $55.15 rtq at 11.58 E.T. in  Nasdaq trading.

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