Teva Pops After Amgen-Rivaling Migraine Drug Gets FDA Approval [Investor's Business Daily]
ALDER BIOPHARMACEUTICALS INC (ALDR)
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Source: Investors Business Daily
Related news Teva Pharmaceutical ( TEVA ) popped Monday after the Food and Drug Administration approved its Amgen ( AMGN )-rivaling migraine prevention drug. In premarket trading on the stock market today , Teva stock jumped 6%, near 24.20. Amgen stock sank a fraction, near 200, in response. Late Friday, the FDA approved Teva's drug, called Ajovy , as an injection to prevent migraines in adults. Ajovy belongs to a class of drugs called anti-CGRPs , which work to block a specific chemical in the body associated with migraines. Ajovy rivals Amgen and Novartis ' ( NVS ) drug Aimovig, which was the first anti-CGRP drug to gain approval in May . Patients self administer 70 milligrams of Aimovig via auto-injector once per month. Teva's drug has two strengths and is administered either quarterly or monthly via injection. Eli Lilly ( LLY ) and Alder Biopharmaceuticals ( ALDR ) are also working on anti-CGRP drugs for migraine prevention. Neither stock was active in premarket trading. More to
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