Migraine Prevention: Teva Gets Approval, But Can It Rival Amgen? [Investor's Business Daily]
ALDER BIOPHARMACEUTICALS INC (ALDR)
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Source: Investors Business Daily
Related news Teva Pharmaceutical ( TEVA ) gapped up in high volume Monday after the Food and Drug Administration approved its Amgen ( AMGN )-rivaling migraine prevention drug. In morning trading on the stock market today , Teva stock popped 4.8%, near 24 in high volume. Amgen stock rose a fraction, near 200.80. Eli Lilly ( LLY ) and Alder Biopharmaceuticals ( ALDR ) are also working on rival drugs. Lilly stock lifted a fraction. Alder toppled 2.8%, near 17.70. Late Friday, the FDA approved Teva's drug, called Ajovy , to prevent migraines in adults. It belongs to a class of drugs called anti-CGRPs , which work to block a specific chemical in the body associated with migraines. The approval came in time with the FDA review date for Teva's drug. But investors were "skittish" of manufacturing issues at partner Celltrion's South Korea facility. An analyst recently said FDA officials could delay Teva's drug by up to a year on those issues. "FDA approval of Ajovy in migraine prevention is a
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