Botox Migraine Approval May Gain Allergan $1 Billion
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Allergan Inc. won U.S. regulatory approval to sell its wrinkle-smoother Botox as a treatment for chronic migraine headaches, an action that may help almost double the drug’s annual sales to $2.3 billion.
Allergan, based in Irvine, California, gained $3.75, or 5.5 percent, to $72.61 at 4:01 p.m. in New York Stock Exchange composite trading, for its biggest single-day increase in 11 weeks. The approval, announced by the company on Oct. 15, came 10 days after Allergan pleaded guilty to charges it marketed Botox for unapproved uses, including pain.