Momenta's shares surge on FDA approval
Shares of Momenta Pharmaceuticals Inc. surged after the Cambridge biotechnology company announced today that the US Food and Drug Administration had granted marketing approval for a generic version of an anti-clotting drug called Lovenox, which is marketed by French drug maker Sanofi- Aventis.
In mid afternoon trading, Momenta shares were up $6.50, or 54 percent, to $18.43.
Novartis AG and Momenta won the approval from the FDA, ending a five-year wait to challenge the $3.9 billion-a-year product, Bloomberg News is reporting; the generic will be made by the Sandoz unit of Novartis using Momenta's technology.
To read Momenta's press release, please click here.