January 30, 2013 at 09:15 AM EST
Isis and Sanofi's Drug OK'd to Treat Inherited Cholesterol Disease
Isis Pharmaceuticals (NASDAQ:ISIS) and Sanofi (NYSE:SNY) won US approval to sell the drug Kynamro for a rare inherited condition that raises bad cholesterol and can cause heart disease in young people. Sanofi’s Genzyme will sell the drug under a licensing agreement. Isis will receive a $25 million milestone payment for getting market clearance from the US Food and Drug Administration. Shares of Isis rose 8% to $14.49 in pre-market trading Wednesday morning. The shares have climbed more than 50% in the past three months. Paris-based Sanofi’s US shares rose 1% to $49.35. That stock is up 11% in the ...
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